Key facts
- Crypto exchange CoinEx is winding down operations after nine years.
- The decision is attributed to a prolonged crypto market downturn, declining trading volumes and liquidity, and rising regulatory and compliance costs.
- Users have until December 22 to withdraw their crypto assets.
- CoinEx CEO Haipo Yang stated that security and compliance risks of running an exchange became too difficult to contain.
- CoinEx Wallet and CoinEx Vault will continue to operate independently.
- CoinEx will buy back its native token, CET, at its initial listing price of 0.005 USDT.
Hong Kong-based crypto exchange CoinEx announced on September 15 that it will cease operations after nearly nine years, citing a prolonged downturn in the cryptocurrency market, shrinking trading volume and liquidity, and escalating regulatory and compliance costs. The exchange plans to wind down in an orderly fashion, with withdrawals remaining open until December 22.
CEO Haipo Yang stated that the security and compliance risks associated with running an exchange had become increasingly difficult to manage, leading to the decision to "cleanly end" operations. CoinEx Wallet and CoinEx Vault services will continue to operate independently.
The shutdown follows similar closures by other crypto firms this year, such as BitMEX, BitMart, and AscendEX, amid increasing market dominance by larger exchanges and the expansion of traditional finance into the crypto space. Binance founder Changpeng "CZ" Zhao noted that recent wind-downs have at least allowed users to withdraw their assets, contrasting with past exchange collapses.
CoinEx will halt new registrations, futures trading, and rewards starting September 15, with non-spot services ceasing on September 22. Spot trading, CoinEx Smart Chain, and OneSwap will shut down on September 29. The exchange will buy back its native token, CET, at its initial listing price of 0.005 USDT per token.