CoinEx Shuts Down Amid Market Downturn, Giving Users Time to Withdraw Funds

CoinEx, a cryptocurrency exchange that has been operating for nearly nine years, announced on September 15th that it will be shutting down its services. The company cited 'the prolonged downturn in the cryptocurrency market' and 'shrinking trading volume and liquidity' 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 stated that carrying unlimited risk for limited revenue is no longer a rational choice.

CoinEx has laid out a phased timeline for winding down its services. New user registrations and referral rewards stopped on Sept. 15, while futures contracts have moved into 'reduce-only' mode. By Sept. 22, services like margin trading, crypto loans, staking, Earn products, and futures trading will close.

The exchange advised users not to wait until the last minute to withdraw their funds, warning that network congestion, fees, or delays could complicate transactions as the final deadline nears. Once the withdrawal period ends, unclaimed $USDT balances will be moved into independent custody and will be charged a monthly fee equal to 5% of the original balance.