CoinEx Exchange to Cease Operations After Nearly a Decade in Business

Key Takeaways

Table of Contents

After nearly a decade of operations, CoinEx is permanently closing, citing deteriorating market conditions and increasing regulatory expenses
The platform has immediately discontinued new account creation, futures contracts, and multiple trading services
Customers are granted until December 22, 2026 to retrieve all assets from the exchange
A buyback program for CET tokens has been established at 0.005 USDT per token, exceeding current market valuation
Remaining USDT balances after the deadline will transfer to third-party custody with recurring monthly storage charges

A cryptocurrency trading platform ranked 33rd globally by volume has revealed it will permanently cease operations following nine years in the digital asset industry. CoinEx made the announcement Tuesday, attributing the decision to declining transaction volumes, diminishing market liquidity, and escalating compliance expenses.

CoinEx to Shut Down After Nearly Nine Years as Crypto Slump, Compliance Costs Bite
CoinEx said it will wind down operations after nearly nine years, citing a prolonged crypto-market downturn, shrinking trading volumes and liquidity, and rising regulatory and compliance costs… pic.twitter.com/WDMqwx4UjL
— Wu Blockchain (@WuBlockchain) September 15, 2026

Chief Executive Haipo Yang acknowledged the platform failed to achieve its ambition of becoming a top-tier industry player, while security concerns and regulatory challenges had become increasingly unmanageable. The announcement was shared via his X social media account.

Factors Behind the Shutdown Decision

According to the company’s statement, an extended period of unfavorable market conditions has significantly impacted the platform’s viability. Industry-wide trading activity and available liquidity have steadily declined, while compliance requirements in key markets have imposed unsustainable financial burdens.

The exchange has faced previous regulatory hurdles. In 2023, CoinEx withdrew from U.S. markets after reaching an agreement with New York’s Attorney General. The settlement resulted in over $1.1 million being returned to affected investors from New York, alongside state penalties exceeding $600,000. The company was permanently prohibited from conducting business within New York State.

The closure reflects a broader pattern affecting the cryptocurrency exchange sector. AscendEX discontinued services on July 1, attributing the decision to non-compliance with the European Union’s Markets in Crypto-Assets Regulation and unsuccessful negotiations for a liquidity partnership. BitMEX announced its September 23 shutdown after more than a decade in operation. BitMart similarly terminated its services during the current year.

The platform first launched in December 2017 as an initiative from cryptocurrency mining collective ViaBTC. At the time of Tuesday’s announcement, it registered approximately $58 million in daily trading volume.

Timeline and User Action Items

Effective immediately as of Tuesday, the platform suspended new account registrations, affiliate commission programs, and promotional incentives. Futures trading positions were converted to liquidation-only status. Services including fiat transactions, leveraged trading, crypto lending, staking programs, and automated strategies no longer accept new positions.

Beginning September 22, all derivative products and blockchain-based deposits will be terminated. Spot market trading concludes on September 29, coinciding with the shutdown of CoinEx Smart Chain and its associated decentralized platform OneSwap.

The withdrawal deadline for all user assets is set for December 22, 2026. The exchange has verified that its reserve ratio surpasses 100%, guaranteeing full backing for all customer holdings.

USDT tokens remaining on the platform beyond the December 22 cutoff will be transferred to an external custodial service. This custodian will assess a monthly maintenance charge equivalent to 5% of the account value. Customers may submit withdrawal claims through August 22, 2028.

The platform has initiated a redemption program for all outstanding CoinEx Token holdings at a fixed rate of 0.005 USDT per unit, with unlimited acceptance. Market pricing for the token stood at approximately $0.00466 on Tuesday, positioning the buyback offer above prevailing rates.

The company’s wallet application and vault custody service remain unaffected by the closure and will maintain separate, ongoing operations.