CoinEx to Shut Down Crypto Exchange Operations by December 22
Crypto exchange CoinEx is winding down its trading platform, citing a prolonged downturn in the cryptocurrency market, declining trading volumes and liquidity, and growing regulatory and compliance expenses.
The exchange announced the decision on Tuesday, saying the costs and challenges of operating had gone beyond what it considered reasonable. Users will have until Dec. 22 to withdraw their funds before the exchange officially ceases operations.
CoinEx will begin scaling back its services in stages. The first changes will take effect on Sept. 22, when the platform stops offering non-spot services and onchain deposits. CET deposits will remain available.
Spot trading will then come to an end on Sept. 29. The exchange said non-USDT assets will be processed as part of the shutdown, while users should prepare to withdraw their remaining funds before the final deadline.
Futures trading will move into “Reduce-Only” mode, allowing users to reduce existing positions but not open new ones. CoinEx will also stop accepting new orders or subscriptions across fiat services, margin trading, lending, earn, staking and strategic trading.
New user registrations, referral commissions and other rewards will also be discontinued.
CEO Acknowledges Challenges
CoinEx CEO Haipo Yang addressed the closure in a post on X, reflecting on the exchange’s performance and the difficulties of running a crypto trading platform.
Yang said CoinEx had not become one of the industry’s leading exchanges and that security and compliance risks had become increasingly difficult to contain.
The decision comes after years of competition among crypto exchanges, with lower trading activity and rising operating requirements putting pressure on smaller platforms.
CoinEx joins other exchanges, including BitMart, BitMEX and AscendEX, which have also ceased operations this year, according to the announcement.
CET Buyback and Withdrawal Deadline
CoinEx will buy back its native CET token at its initial listing price of 0.005 USDT per token. The price is slightly above CET’s trading level before the shutdown announcement.
The exchange said any USDT left on the platform after Dec. 22 will be transferred to an independent custodian. Monthly custody fees will apply to those funds.
Users are therefore encouraged to withdraw their assets before the deadline to avoid additional custody costs and complications.
CoinEx Wallet and CoinEx Vault will continue operating, as both services are separate from the exchange itself.
CoinEx Background
Founded in December 2017 by crypto mining pool ViaBTC, CoinEx grew into a global cryptocurrency exchange offering spot, futures and other trading services.
The exchange was ranked 33rd by trading volume, with approximately $58 million in 24-hour activity at the time of the announcement.
CoinEx thanked its users for their support over the past nine years as it prepares to end its exchange operations.
The closure highlights the continued pressure facing crypto trading platforms as market activity, liquidity and compliance demands shape the industry’s future.