CoinEx is winding down after 9 years of operations, with the Hong Kong-based cryptocurrency exchange halting new user registrations on September 15 and closing the platform entirely by December 22, 2026. According to founder and CEO Haipo Yang, the closure comes after a prolonged crypto downturn, weaker industry trading activity and liquidity, and rising regulatory and compliance costs that have reached levels no longer considered reasonable. Yang acknowledged that competition, security, and compliance risks overwhelmed the exchange, stating that "the security and compliance risks of running a crypto exchange have become increasingly difficult to contain." The exchange blamed a prolonged market downturn, shrinking industry trading volume and liquidity, and compliance costs that have passed reasonable limits. Yang revealed that he did consider selling CoinEx but ultimately rejected the option, stating that "a clean ending is the right ending" for the exchange's journey.
CoinEx's woes extend beyond typical market downturns, with the exchange facing significant security challenges. In 2023, CoinEx suffered a $70 million hack but managed to fully repay users within a few days. However, new regulatory pressures emerged when CoinEx reportedly became a major external partner for Nobitex, a local Iranian exchange, facilitating approximately $4 billion in Iranian crypto flows according to a TRM Labs report in June 2026. While the platform denied knowledge of the relationship, it actively began blocking Iranian IP addresses three months later. This controversy, combined with stiff competition from viral upstarts like Hyperliquid and incumbents such as Binance defending their market turf, made second-tier exchanges like CoinEx face particularly tough conditions during the current crypto winter.
CoinEx will repurchase all remaining CoinEx Token (CET) at 0.005 USDT each, with no quantity cap and no extra conditions. As reported by BeInCrypto, CET traded at $0.00466 on September 15, slightly below the announced repurchase level. The exchange's closure represents a significant exit for token holders who receive an exit above market value. CoinEx plans to maintain a 0.005 USDT buy order for CET through September 29 and waive trading fees on CET/USDT during the repurchase window. Any CET still held in user accounts after the window is scheduled for automatic repurchase at the same price.
Futures contracts entered reduce-only mode on September 15, with fiat, margin, loans, Earn, staking, and strategic trading stopping accepting new orders the same day. According to the exchange's official timeline, all non-spot services end on September 22, while spot trading closes September 29, along with the CoinEx Smart Chain (CSC) and decentralized exchange OneSwap. Withdrawals remain open through December 22, 2026 regardless of other closures, with the exchange stating its reserve ratio tops 100% and that every user balance is fully backed. The exchange set 02:00 UTC on September 29 as the deadline for users who want to withdraw assets before the conversion process begins. Unwithdrawn USDT moves into independent custody and accrues a monthly fee worth 5% of the recorded balance after December 22, 2026.
CoinEx Wallet and CoinEx Vault operate separately and remain live, with both products continuing under their own service terms after trading, deposits and withdrawals on the centralized exchange have ended. The company warned users to ignore any purported announcements, supplementary rules, or policy changes issued in its name from here, stating they are fraudulent. Claims can be filed until August 22, 2028. Binance founder Changpeng Zhao hailed the orderly wind-down as a sign of a maturing crypto space, suggesting that regulatory pressure may force market share concentration among top-tier exchanges. The closure follows a broader trend of established exchanges struggling, with BitMart and BitMEX also announcing closures in July, with indications that they were casualties of declining retail spot-trading volume.
