CoinEx Shuts Centralized Exchange Amid Market Slump

CoinEx, a nine-year-old crypto exchange, is shutting down its centralized exchange due to prolonged market downturn, shrinking trading volumes and liquidity, and rising regulatory and compliance costs. Founder and CEO Haipo Yang announced the decision on September 15, stating that 'security and compliance risks had become increasingly difficult to contain.' The shutdown will unfold in stages, with non-spot services and onchain deposits discontinuing from September 22, spot trading ending on September 29, and withdrawals remaining available until December 22. Remaining USDT assets will be transferred to independent custody under a schedule announced by the exchange.

The wind-down process also includes halting new user registrations, referral commissions, and other rewards. CoinEx plans to repurchase CET at its original listing price of 0.005 USDT per token, slightly above its price before the closure announcement. The exchange will continue operating CoinEx Wallet and CoinEx Vault independently from the centralized exchange during this period.

CoinEx launched in December 2017 through mining pool ViaBTC and grew to serve users across more than 200 countries and regions. It exited the U.S. market in 2023 after settling a New York lawsuit over alleged unregistered operations. The shutdown follows a difficult industry backdrop, underscoring how weaker volumes, thinner liquidity, and higher compliance costs can challenge platforms even after years of global expansion.