CoinEx Shuts Down Amid Crypto Market Downturn
CoinEx, a Hong Kong-based cryptocurrency platform, has announced that it will cease exchange operations after nearly nine years in business. The decision to wind down operations was made due to a prolonged crypto market downturn, lower trading volumes and liquidity, rising regulatory requirements, and increasing compliance costs.
The exchange cited its asset reserve ratio as being above 100%, ensuring that user assets are fully backed and available for withdrawal. However, users have been advised to withdraw their funds before the final deadline of December 22, 2026, rather than waiting until the last day.
CoinEx's founder, Haipo Yang, explained in a statement that security and compliance risks had become increasingly difficult to manage relative to the revenue generated by the exchange. He stated that a clean ending was the right approach, allowing CoinEx to focus on letting users withdraw their assets in full and providing CET holders with a 'clear and responsible conclusion'.
The shutdown process will be phased, with most deposit addresses disabled except for CET from September 22. Spot trading pairs, CoinEx Smart Chain (CSC), and OneSwap will also be discontinued on September 29. Withdrawals will remain available until December 22, when CoinEx will cease exchange operations.