CoinEx Exchange Shutdown
CoinEx Cryptocurrency Exchange Begins Orderly Shutdown After Nine Years In Operation
Anonymous
Key Points
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Founder and CEO Haipo Yang said he considered selling CoinEx but rejected the option because users had entrusted their assets to the platform and, in many cases, to him personally; he instead chose an orderly wind-down to allow users to withdraw in full.
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CoinEx’s initial shutdown measures included halting referral commissions and other rewards, placing futures contracts into “Reduce-Only” mode, and stopping new orders or subscriptions for fiat, margin trading, lending, Earn, staking and strategic trading services.
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At the time of the announcement, CoinEx recorded approximately $58 million in daily trading volume; its CET token rose following the news despite remaining sharply down for the year.
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CoinEx will discontinue on-chain deposits from September 22, except for CET deposits, and will process non-USDT assets when spot trading ends on September 29.
CoinEx, a Hong Kong-based cryptocurrency exchange, announced it will shut down after nearly nine years of operation. The Edge Malaysia reports the closure stems from a prolonged market downturn, reduced trading volume, and compliance costs that became unsustainable. The exchange will halt new registrations immediately, end non-spot services on September 22, stop spot trading on September 29, and allow withdrawals until December 22, 2026.
Founder Haipo Yang chose an orderly wind-down over selling the platform, saying users had entrusted their assets to him personally. Bitcoin.com reports CoinEx claims its reserves exceed 100% and users can withdraw funds in full. The exchange will buy back its CET token at 0.005 USDT per token, and any unclaimed USDT will move to independent custody after December 22, incurring a 5% monthly fee.
Why a Mid-Sized Exchange Can't Survive
CoinEx ranked around 33rd in global trading volume with roughly $58 million traded daily at announcement time. CoinFomania notes the exchange faced structural disadvantages: it needed to fund cybersecurity, licensing, and compliance across jurisdictions while generating less fee revenue than dominant platforms. Smaller exchanges simply cannot spread these fixed costs across enough transaction volume to remain profitable.
The crypto downturn accelerated this pressure. Trading volumes collapsed, liquidity dried up, and regulatory demands grew heavier. For CoinEx, these forces combined to make operations economically impossible, pushing the company toward shutdown rather than survival or sale.
A Staged Shutdown With Hard Deadlines
CoinEx is shutting down in phases rather than instantly. New registrations stopped immediately. Non-spot services—futures, margin trading, staking, and lending—end September 22. Spot trading ends September 29. But crucially, withdrawals stay open until December 22, 2026, giving users a three-month window to move their assets off the exchange.
After December 22, any remaining USDT moves to independent custody and faces a 5% monthly fee on the original balance. This creates a powerful incentive for users to act before the deadline. Users also cannot deposit new assets starting September 22, except for CET tokens, which blocks new funds from entering the platform.
Token Buyback and Reserve Claims
CoinEx introduced a buyback mechanism for its native token, CET. The exchange will repurchase CET at 0.005 USDT per token, allowing holders to exit positions. Bitcoin.com reports CoinEx also committed to returning user assets in full, with reserves stated to exceed 100%.
Unclaimed USDT will remain in independent custody until August 22, 2028—a 20-month window after the exchange closes. After that date, users lose the ability to claim their funds, though the company says it will continue attempting to contact asset holders.
CoinEx's Path to This Moment
CoinEx was founded in 2017 by ViaBTC. The exchange weathered a major regulatory battle in 2023 when it settled with New York regulators. That settlement included payments to investors and the state, and barred CoinEx from operating in New York—a symbolic blow to a global platform.
Alongside the exchange shutdown, CoinEx's blockchain (Smart Chain) and its decentralized exchange (OneSwap) will also discontinue. However, the company's separate Wallet and Vault services will continue operating, preserving some utility for users who want to store crypto assets.
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