Cryptocurrency exchange CoinEx has announced plans to shut down its trading platform after nine years of operations, citing prolonged weakness in the crypto market, declining trading volumes and liquidity, and rising regulatory and compliance costs.
The exchange stopped accepting new user registrations on September 15 and has begun a phased wind-down of its services. Most exchange services are scheduled to end by September 29, while users will be able to withdraw their assets until December 22, 2026.
CoinEx said assets remaining on the platform after September 29 may be converted into USDT. After the December 22 withdrawal deadline, remaining USDT balances will be transferred to independent custody, where a monthly custody fee equal to 5% of the original balance will apply.
Users will have until August 22, 2028, to claim assets held in custody.
Founder and CEO Haipo Yang said the growing security and compliance risks associated with operating a cryptocurrency exchange had become increasingly difficult to manage. He also revealed that he had considered selling the trading platform before ultimately deciding to close it in an orderly manner.
CoinEx has served users across more than 200 countries and regions during its operating history. The exchange exited the U.S. market in 2023 after settling a lawsuit brought by the New York Attorney General over allegations that it had operated without the required registration.
The closure brings an end to nearly nine years of operations for CoinEx as difficult market conditions and increasing regulatory requirements continue to reshape the global cryptocurrency exchange industry.
