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Points of Focus
- CoinEx will close on Dec. 22 after nine years, citing falling trading volumes, weaker liquidity, and rising security, regulatory, and compliance costs.
- Spot trading ends Sept. 29, and withdrawals remain open until Dec. 22.
- Founder Haipo Yang said he considered selling CoinEx before choosing a full wind-down, arguing that the risks of operating the exchange had become difficult to justify against declining revenue.
Crypto exchange CoinEx will shut down after nine years as falling trading activity, weaker liquidity, and rising regulatory and security costs put pressure on the business.
CoinEx announced the wind-down on Sept. 15. New registrations have stopped, and futures contracts have entered reduce-only mode. All non-spot services will end Sept. 22, followed by spot trading on Sept. 29. Withdrawals remain open until Dec. 22. CoinEx cited falling volumes and liquidity alongside rising regulatory and compliance costs.
Founder says risk outgrew revenue
Founder Haipo Yang gave a more detailed explanation for the closure, saying CoinEx had failed to develop into one of the industry’s leading exchanges as the security and compliance risks attached to running a centralized trading platform increased.
“Revenue may decline, but responsibility cannot,” Yang said, adding that “taking on unlimited risk for limited revenue” no longer made economic sense.
Yang also said he had seriously considered selling CoinEx. He ultimately decided on a wind-down because users had entrusted assets to the platform under its existing ownership.
Security has been a material cost for CoinEx before. In September 2023, compromised hot-wallet private keys resulted in losses the exchange estimated at about $70 million. CoinEx said at the time that it would compensate affected users in full and rebuild its wallet architecture. Large security losses continue to affect crypto infrastructure, including the $285-million Drift exploit earlier this year.
CoinEx has faced enforcement action in major markets. In 2023, the New York Attorney General secured more than $1.7 million in refunds and penalties after accusing CoinEx of operating without registration. The settlement required the exchange to stop serving US customers.
Canadian regulators followed with further restrictions. In March 2025, Ontario’s Capital Markets Tribunal imposed trading and market-participation restrictions based on earlier Québec sanctions against CoinEx and Yang.
Regulatory controls affecting crypto transfers have continued to expand elsewhere, including Brazil’s new 24-hour hold on transfers to self-custody wallets.
CET buyback and Dec. 22 withdrawal deadline
CoinEx said its reserve ratio remains above 100% and that user assets remain available for withdrawal during the wind-down.
The exchange will repurchase CET held in user accounts at 0.005 USDt (USDT) per token, its original listing price, without a quantity limit. CoinEx Smart Chain and OneSwap are also scheduled to stop operating on Sept. 29.
Users who leave USDT on the platform after Dec. 22 will face additional costs. CoinEx said remaining USDT will be transferred to independent custody and charged a monthly fee equal to 5% of the balance recorded at the withdrawal deadline.
The closure comes during a period in which several established crypto businesses are trimming products or leaving markets with limited economics.
Hashdex recently moved to close its DEFI Bitcoin (BTC) exchange-traded fund (ETF) after the fund struggled to gain scale. BitMEX is also scheduled to end exchange operations on Sept. 23 after more than 11 years. Its closure followed a strategic review and was announced separately from CoinEx’s decision.
CoinEx will cease operations on Dec. 22, 2026, nine years to the day after the exchange launched.
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