Coin Withdrawal Locks: Thousands Affected as Exchanges Wind Down
Two major cryptocurrency exchanges, CoinEx and BitMEX, are winding down operations, affecting thousands of investors. As part of their wind-down plans, customers with balances on these platforms will soon face limitations on withdrawing their coins.
The problem lies in the withdrawal process itself, not just with the platforms' reputation or customer support. A crucial question arises: can customers withdraw their coins to an address they own themselves? After investigating 10 providers available in Germany, CryptoTicker found that only seven of them offer this route, while three do not.
The issue is particularly pressing for CoinEx and BitMEX customers, as trading on both platforms will cease soon. According to the wind-down plans, CoinEx's withdrawal channel will close on December 22, 2026, while BitMEX will stop trading on September 23, 2026.
Three providers that lack a withdrawal route are Scalable Capital, justTRADE, and N26 Krypto. These platforms offer exchange-traded crypto securities (ETPs) or custody services where coins are pooled together, preventing customers from withdrawing their coins directly to an external address.