Crypto exchange CoinEx will end spot trading on Sept. 29, stop withdrawals at 2:00 UTC on Dec. 22 and close the platform on Dec. 22, exactly nine years after its launch.
In an announcement, CoinEx blamed a prolonged crypto-market downturn, a contraction in trading volume and liquidity, and rising regulatory requirements, compliance costs and operational uncertainty. The exchange said it began the staged wind-down on Sept. 15.
Founder Haipo Yang said CoinEx did not become a leading exchange, he wrote on X, while security and compliance risks became harder to contain. "Carrying unlimited risk for limited revenue is no longer a rational choice," Yang said. He added that he considered selling the exchange but decided against it.
Wind-Down Timeline
- New registrations have stopped, futures are in reduce-only mode, and CoinEx is no longer accepting new orders or subscriptions for margin trading, loans, Earn and staking.
- All non-spot services and most deposits are scheduled to end Sept. 22.
- Spot trading stops Sept. 29. At 2:00 UTC that day, CoinEx will begin processing assets other than USDT, selling tokens with external liquidity in batches and converting proceeds to USDT.
- For assets without external liquidity, CoinEx said it will stop maintaining the relevant wallets and will no longer take responsibility for custody or redemption.
- CoinEx will repurchase its CET token at 0.005 USDT through Sept. 29, when remaining CET in customer accounts will be converted automatically. CoinEx Smart Chain and the OneSwap decentralized exchange are also scheduled to close that day.
