Cryptocurrency exchange CoinEx announced it will shut down operations after nearly nine years, pointing to a prolonged market downturn, shrinking trading activity and liquidity, and regulatory and compliance costs that have exceeded what it considers reasonable limits. The platform, launched in December 2017 by mining pool ViaBTC under founder and chief executive Haipo Yang, said user assets remain fully backed with a reserve ratio above 100 percent and can be withdrawn in full.

The decision forms part of a broader pattern of exchange closures in 2026, including platforms such as BitMart, BitMEX and AscendEX that have cited similar pressures from thinner markets and higher operational demands.

Founder’s Statement and Rationale

In a public statement, Yang described the move as acceptance of a difficult reality. He noted that CoinEx never reached the scale of an industry-leading venue despite serving millions of users across multiple market cycles. Security and compliance risks associated with operating a crypto exchange had grown harder to manage, he said, adding that carrying unlimited risk for limited revenue no longer made sense.

Yang said he had considered selling the platform but ultimately rejected the idea out of a sense of responsibility to users who had entrusted assets to the exchange, and in many cases to him personally. He preferred an orderly wind-down that would allow full withdrawals and a dignified exit for staff. He also apologized to holders of the platform’s CET token for not delivering the long-term value once anticipated.

CoinEx stressed that its asset reserves exceed 100 percent and directed users to its proof-of-reserves system for verification. The exchange ranked around 33rd by trading volume in recent data, with approximately $58 million in 24-hour volume.

Phased Shutdown Schedule

The wind-down follows a detailed timeline designed to limit new activity while preserving withdrawal access.

Withdrawals remain available throughout the period until the final deadline. After December 22, any remaining USDT balances will transfer to an independent custodian and incur a monthly custody fee equal to 5 percent of the original balance recorded at the cutoff. Users may submit claims related to those funds until August 22, 2028.

CoinEx urged account holders to complete withdrawals promptly, noting that network congestion or fees could affect last-minute transactions. Non-USDT assets without external market liquidity may be delisted once processing begins, with wallets no longer maintained.

CET Buyback and Related Services

The exchange will maintain a buy order for CET at its initial listing price of 0.005 USDT through September 29 and waive trading fees on the CET/USDT pair during that window. Any tokens still held in user accounts after the deadline will convert automatically at the same rate. The buyback level sat slightly above the token’s trading price immediately before the announcement.

CoinEx Wallet and CoinEx Vault will continue operating independently of the exchange and are not affected by the shutdown schedule. ViaBTC, the related mining pool, confirmed it will discontinue its “Withdrawal to CoinEx” feature on September 22 and advised users to update destination addresses.

The platform described the September announcement as its final official communication under the CoinEx name and warned that any subsequent messages claiming to represent the brand should be treated as fraudulent.

Broader Context

CoinEx had previously exited the U.S. market following a 2023 settlement with New York authorities that included refunds and restrictions on serving New York customers. It also faced a significant security incident in 2023 involving a hot-wallet compromise estimated at around $70 million, after which it rebuilt systems and resumed services. More recently, the exchange disputed media reports linking transaction flows to restricted jurisdictions and said it had strengthened screening and monitoring controls.

The closure leaves users with a clear but finite window to move assets off the platform while related wallet and custody products remain available outside the exchange itself.