According to a announcement, this crypto exchange, which has been in operation for nearly nine years, will phase out its services. The platform stated that declining industry trading volume and liquidity, coupled with increasing regulatory and compliance costs, have continuously increased the operational pressures on the exchange. Users can withdraw their assets before December 22, 2026, by which time the platform will complete its official shutdown.
Founders say pressure on security and compliance is increasing
CoinEx indicates that the decision to shut down is related to the long-term market downturn and the decline in industry transaction activity. Founder Yang Haipo further stated that although the exchange has gone through multiple bull and bear cycles, it has never been able to reach the top of the industry. Continuing to bear high levels of security and compliance risks no longer aligns with current business considerations.
He also mentioned that he considered selling CoinEx, but ultimately did not proceed with it, as users had entrusted their assets to the platform and to some extent trusted the platform administrators themselves. As a result, the company decided to handle the situation internally, prioritizing users' ability to withdraw their funds.
Starting from September, various services will be phased out in stages.
CoinEx has commenced the shutdown process since September 15th, and multiple services will be taken offline over the coming weeks:
- September 15: Stop new user registration, end invitation rewards, and switch contracts to a mode of only reducing positions.
- September 22: Leverage, crypto lending, staking, Earn, and contract services will be disabled; most on-chain recharge addresses will also become unusable.
- September 29: All spot trading pairs will be closed, and CoinEx Smart Chain and OneSwap will also cease operations simultaneously.
The platform stated that even after other services are discontinued, the withdrawal function will still be available until December 22nd.
Assets that are not claimed by the deadline will be transferred to independent custody.
According to CoinEx, the current reserve ratio of the platform is over 100%, and protecting users' assets is the top priority at this stage. The company reminds users to withdraw their funds as soon as possible to avoid any delays in transfers due to network congestion, changes in transaction fees, or processing delays before the deadline.
According to the announcement, after December 22nd, any USDT that is not claimed will be transferred to an independent custodial account, and a monthly custodial fee of 5% will be charged based on the original balance. The application for related custodial services can continue until August 22, 2028.
CET repurchase at 0.005 USDT
CoinEx will also repurchase the remaining CET in user accounts at a price of 0.005 USDT per unit. The platform states that there is no upper limit to the quantity of this repurchase, and no additional conditions are attached.
Yang Haipo also apologized to the holder of CET, stating that the platform failed to achieve the long-term value goals initially expected for that token.
Additional information:CoinEx indicates that this shutdown will not affect the independently operated mining pools ViaBTC. CoinEx Wallet and CoinEx Vault will also continue to operate as independent services.
