CoinEx To Shut Down After Nine Years As Crypto Market Slump Deepens

Crypto exchange CoinEx announced Tuesday it is winding down operations, pointing to a prolonged market downturn, falling trading volumes and liquidity, and rising regulatory and compliance costs.

Shutdown Timeline And Service Changes

As part of the wind-down, CoinEx will end new user sign ups, referral rewards and other incentives, while futures contracts move into a reduce only mode. Starting September 22, the exchange will stop non spot services and onchain deposits, except for its native CET token. Spot trading will end September 29, and withdrawals will remain open until December 22, after which the platform will close entirely. Any USDT left unclaimed will move to an independent custodian, which will charge a monthly custody fee.

CEO Cites Compliance Pressures

CoinEx CEO Haipo Yang said running a crypto exchange had grown increasingly difficult due to security and compliance risks, adding that the company never reached the scale of the industry’s top platforms. The exchange will buy back its CET token at its original listing price of 0.005 USDT, slightly above its price before the announcement.

CoinEx launched in December 2017 and currently ranks 33rd among exchanges by trading volume. Its closure follows similar shutdowns this year at BitMart, BitMEX and AscendEX. The company’s separate wallet and custody products will continue operating independently.