CoinEx Shuts Down Centralized Exchange Amid Industry Slump
Crypto exchange CoinEx is shutting down its centralized operations after nine years in business. According to founder and CEO Haipo Yang, the prolonged market downturn, declining trading volumes and liquidity, and increasing regulatory and compliance costs have made it difficult for the platform to continue.
Yang emphasized that users' assets are safe, with a reserve ratio exceeding 100%, but withdrawals will be limited until December 22. After this date, any remaining $USDT funds will move to independent custody under a new schedule, subject to a 5% monthly fee equal to the original balance.
The shutdown will unfold in stages, with non-spot services and onchain deposits discontinued from September 22, spot trading ending on September 29, and withdrawals available until December 22. CoinEx Wallet and CoinEx Vault will continue operating independently during this period.