CoinEx Shuts Down Amid Cryptocurrency Market Downturn
CoinEx is shutting down its operations after nearly nine years in the market due to the prolonged downturn in the cryptocurrency market. The company cited shrinking trading volume and liquidity, as well as operational uncertainties, as reasons for the decision.
According to CoinEx founder Yang Haipo, the exchange had 'gone through previous crypto bull and bear markets but never became one of the industry's top platforms.' He added that carrying unlimited risk for limited revenue is no longer a rational choice.
The exchange has outlined a phased timeline for winding down its services. New user registrations and referral rewards stopped on September 15, with futures contracts moving into 'reduce-only' mode. By September 22, services like margin trading, crypto loans, staking, Earn products, and futures trading will close.
Spot trading pairs are scheduled to close entirely on September 29, including CoinEx Smart Chain and the exchange's decentralized trading platform, OneSwap. Withdrawals, however, will stay open till December 22, 2026, which is the final cutoff before the exchange's full shutdown.