Smaller Crypto Exchanges Face a Cost Squeeze as CoinEx Shuts Down

CoinEx is shutting down its centralized exchange due to increasing difficulties in maintaining profitability. The company's founder, Haipo Yang, pointed out that revenues have weakened while costs and liabilities associated with custody, security, and regulatory compliance remain high.

The wind-down process will be carried out in stages, with new user registrations stopping on September 15 and futures trading moving into reduce-only mode by the same date. By September 22, futures, margin, lending, Earn, and staking services are scheduled to end, followed by spot trading closing on September 29 alongside CoinEx Smart Chain and OneSwap.

CoinEx is also buying back remaining CET tokens at 0.005 USDT per token, its original listing price. Users who leave USDT on the platform beyond the final withdrawal deadline will face a monthly custody charge equal to 5% of the original balance.