CoinEx to Shut Down Exchange Operations by December 22
CoinEx is winding down its crypto exchange platform, citing a prolonged market downturn, declining liquidity, and rising compliance costs as the primary drivers for the decision.
CoinEx announced it will begin winding down its exchange operations on September 15, with a full shutdown scheduled for December 22. The exchange cited a combination of weak market conditions, reduced trading activity, and increased regulatory and operational costs as the reasons for the closure.
The platform will stop accepting new registrations and new subscriptions for services including fiat, margin trading, loans, Earn, staking, and strategic trading starting September 15. Non-spot services are set to end on September 22, followed by the cessation of spot trading on September 29.
CoinEx stated that it maintains reserves above 100% and that users can withdraw their assets in full during the wind-down period. The exchange urged users to withdraw their funds early. Any USDT remaining in accounts after the December 22 deadline will be moved into independent custody and will be subject to a monthly fee equal to 5% of the original asset balance.
As part of the shutdown, the exchange will close CoinEx Smart Chain and OneSwap. The company also plans to repurchase all remaining CET tokens in user accounts at a price of 0.005 USDT per CET.
The company noted that its CoinEx Wallet and CoinEx Vault products are independent services and will not be affected by the exchange shutdown. The closure marks the end of a nine-year operating history for the Seychelles-based exchange, which was founded in December 2017 by Haipo Yang.
The exit follows a trend of other crypto companies winding down operations, including BitMEX, which is set to close by the end of this month after 11 years.
