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Crypto exchange CoinEx has announced that it is shutting down. The company cited the prolonged downturn in the crypto market, falling trading volumes and liquidity, as well as rising regulatory compliance costs.
As part of the wind-down, CoinEx is stopping new user registrations, referral commissions and other rewards. Futures contracts are being moved into Reduce-Only mode, which allows users only to reduce existing positions.
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The exchange will also stop accepting new orders across services for fiat purchases, margin trading, lending, staking and other investment products.
Why CoinEx is shutting down
CoinEx CEO Haipo Yang said the company had failed to become one of the leading cryptocurrency exchanges. At the same time, the risks associated with security and regulatory compliance had become increasingly difficult and costly to manage.
“After much reflection, I have come to accept a hard truth. CoinEx did not become one of the industry’s leading exchanges, and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain,” Yang wrote on X.
CoinEx has become another major trading platform to cease operations in 2026. BitMart, BitMEX and AscendEX had previously announced closures for similar reasons.
When trading and withdrawals will end
Starting Sept. 22, CoinEx will discontinue all services except spot trading and stop accepting onchain deposits. CET deposits will be the only exception.
On Sept. 29, the exchange will completely halt spot trading and begin processing users’ non-USDT assets.
CoinEx will permanently cease operations on Dec. 22. Customers must withdraw their funds before that date. Any USDT left on the platform after the shutdown will be transferred to an independent custodian, which will charge a monthly custody fee.
CoinEx will also buy back its CET tokens at their original listing price of 0.005 USDT per token. That is slightly above CET’s price before the shutdown announcement.
CoinEx Wallet and CoinEx Vault will not be affected by the exchange closure. The services operate independently and will continue serving users.
CoinEx was launched in December 2017 by crypto mining pool ViaBTC. According to CoinMarketCap, before the shutdown announcement the platform ranked 33rd among cryptocurrency exchanges, with around $58 million in daily trading volume.
$70 million hack
Security problems were not merely a theoretical risk for CoinEx. In September 2023, the exchange suffered one of the biggest incidents in its history, when hackers gained access to its hot wallets and stole around $70 million in cryptocurrency. CoinEx temporarily suspended deposits and withdrawals after the attack and said it would fully cover users’ losses.
Blockchain analytics firms linked the hack to North Korea’s Lazarus Group, which has been blamed for some of the largest attacks on crypto projects. According to researchers, the wallets and transaction routes used to move the assets stolen from CoinEx overlapped with infrastructure used by the hackers in other operations.
Earlier, Bitwise shut down its Dogecoin ETF just 10 months after launch.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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