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Crypto exchange CoinEx has announced an orderly wind-down of its business after 9 years. The platform will halt new user registrations on Tuesday and phase out its services from there.
The closure adds to a run of crypto shutdowns in 2026 covering wallets, DeFi protocols, NFT platforms, and more, pointing to pressure that spans the sector rather than a single corner of it.
What Pushed CoinEx Toward the Exit
CoinEx blamed a prolonged market downturn, shrinking industry trading volume and liquidity, and compliance costs, it says, have passed reasonable limits.
“After prudent evaluation, and in light of the prolonged downturn in the cryptocurrency market, the significant contraction in overall industry trading volume and liquidity, and the continuously rising regulatory requirements across major jurisdictions, as well as compliance costs and operational uncertainties that have exceeded reasonable boundaries, CoinEx has decided to cease operations and enter into an orderly cessation process,” the announcement reads.
The closure caps a retreat from regulated markets. CoinEx left the United States in 2023 after a settlement with New York Attorney General Letitia James.
That agreement returned more than $1.1 million to New York investors and added over $600,000 in state penalties. The exchange was also barred from making its platform available in the state.
Meanwhile, its peers cited similar pressure this year. AscendEX stopped operating on July 1, pointing to its lack of authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA) and a failed liquidity deal. BitMEX closes on September 23, ending an 11-year run after a strategic review.
What Users Have to Do Before December 22
The exchange notified users that futures contracts entered reduce-only mode on Tuesday. Fiat, margin, loans, Earn, staking, and strategic trading stopped accepting new orders the same day.
All non-spot services end on September 22. Spot trading closes on September 29, along with CoinEx Smart Chain (CSC) and the decentralized exchange OneSwap.
Withdrawals remain open until December 22, and CoinEx says its reserve ratio exceeds 100%, with all user balances fully backed.
CoinEx will also repurchase every remaining CoinEx Token (CET) at 0.005 USDT, with no quantity cap. CET traded at $0.00466 on Tuesday, leaving the buyback slightly above market.
Assets left behind carry a cost. Unwithdrawn USDT moves into independent custody and accrues a monthly fee worth 5% of the recorded balance. Claims can be filed until August 22, 2028.
Source: finance.yahoo.com