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CoinEx Announces Closure of Exchange on Ninth Anniversary
Crypto exchange CoinEx will cease operations on December 22, 2026, coinciding with its ninth anniversary. The platform will stop spot trading on September 29, 2026, and halt withdrawals at 2:00 UTC on December 22. The decision to wind down operations comes amid a prolonged downturn in the cryptocurrency market, decreased trading volume and liquidity, and increasing regulatory pressures, as stated by the exchange.
Founder Haipo Yang expressed that CoinEx did not achieve the status of a leading exchange, citing escalating security and compliance risks. He noted that the business model of carrying significant risks for limited revenue was no longer sustainable. Although he considered selling the exchange, he ultimately decided against it.
As part of the closure process, CoinEx has already halted new registrations and placed futures trading in a reduce-only mode. Non-spot services, including margin trading and staking, will also conclude by September 22. Users are urged to withdraw their assets by the September 29 deadline, after which unwithdrawn USDT will incur a monthly custody fee until claims can be submitted until August 22, 2028. CoinEx has stated that its reserve ratio exceeds 100%, indicating that all user assets are fully backed, although its public proof-of-reserves page lacks current data for verification.
Source: KLEA News