CoinEx Exchange to Cease Operations After Nine Years, Users Face December 2026 Deadline

Key Takeaways

• After nearly a decade in operation, CoinEx is permanently shutting down due to market challenges and escalating regulatory pressures
• The platform has already disabled new account registrations, futures contracts, and various trading services
• All users must complete fund withdrawals by December 22, 2026, before the exchange ceases all operations
• A buyback program offers CET token holders 0.005 USDT per token, representing a premium over current trading prices
• Funds remaining after the deadline will transfer to third-party custody with monthly maintenance fees of 5%

On Tuesday, CoinEx—currently ranked as the 33rd largest cryptocurrency exchange by daily volume—revealed its decision to permanently close operations following nine years in the digital asset industry. The platform attributed this move to declining market activity, reduced liquidity across markets, and mounting expenses related to regulatory compliance.

In a statement shared on X (formerly Twitter), Chief Executive Officer Haipo Yang acknowledged that the platform fell short of its ambition to become a top-tier industry player. Yang emphasized that managing security threats and navigating compliance requirements had become increasingly unsustainable for the operation.

Factors Behind the Shutdown Decision

According to the official announcement, CoinEx faced mounting challenges from an extended cryptocurrency market slump that significantly reduced trading volumes and market liquidity industry-wide. The financial burden of meeting regulatory standards across multiple jurisdictions ultimately exceeded what the exchange’s business model could support.

The platform’s regulatory challenges aren’t new. In 2023, CoinEx withdrew from U.S. markets after reaching a settlement agreement with New York State’s Attorney General. Under that agreement, the exchange returned approximately $1.1 million to affected New York residents and paid over $600,000 in penalties to state authorities. The settlement also permanently prohibited CoinEx from conducting business within New York State.

CoinEx’s closure reflects a broader industry pattern of exchange shutdowns. AscendEX discontinued services on July 1, citing inability to comply with the European Union’s Markets in Crypto-Assets Regulation alongside the collapse of a critical liquidity partnership. BitMEX announced it will terminate operations on September 23 after more than a decade of service. BitMart similarly ended its operations earlier this year.

The exchange first launched in December 2017 as a project by cryptocurrency mining pool operator ViaBTC. At the time of its closure announcement, CoinEx reported approximately $58 million in 24-hour trading volume.

Timeline and Process for Existing Users

Beginning Tuesday, CoinEx immediately suspended new account creation, referral bonus programs, and rewards distribution. The platform transitioned all futures positions to reduce-only status, preventing new contract openings. Services including fiat currency transactions, margin trading, lending programs, staking options, and automated trading strategies no longer accept new positions.

Starting September 22, the exchange will terminate all services beyond spot trading, including blockchain deposits. The spot trading marketplace will shut down on September 29, alongside the CoinEx Smart Chain network and the OneSwap decentralized exchange platform.

The final withdrawal deadline falls on December 22, 2026. CoinEx has assured users that its reserve ratio remains above 100%, guaranteeing full backing for all customer balances held on the platform.

Should any USDT balances remain unclaimed after the December deadline, those funds will transfer to an independent third-party custodian. This custodial service will assess a monthly management fee equivalent to 5% of the recorded balance. Users will maintain the ability to submit withdrawal claims through August 22, 2028.

For holders of the platform’s native token, CoinEx announced an unlimited buyback program for all CoinEx Tokens (CET) at a fixed price of 0.005 USDT per unit. This buyback rate exceeds Tuesday’s market price of approximately $0.00466 per token, offering holders a slight premium over spot market values.

Importantly, both CoinEx Wallet and CoinEx Vault products remain unaffected by the exchange closure and will maintain normal operations as separate services.

In its final message to the community, the exchange expressed gratitude: “Thank you for your trust and support in the past nine years.”

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