CoinEx Shuts Down After Nine Years of Operations
Crypto exchange CoinEx will shut down after nine years, citing weak market conditions, shrinking liquidity, and rising compliance costs.
CoinEx is preparing to close its centralized cryptocurrency exchange, becoming the latest long-running trading platform to exit the market in 2026.
The Seychelles-based company said it will stop accepting new user registrations from September 15, while most trading and exchange services are scheduled to end by September 29. Customers will have additional time to withdraw their assets, with withdrawals remaining available until December 22.
CoinEx attributed the shutdown to a combination of operational challenges, prolonged weakness across the crypto market, declining trading volumes and liquidity, and the growing cost of meeting regulatory and compliance requirements.
CoinEx Sets Withdrawal and Custody Deadlines
The exchange outlined a phased closure process designed to give users several months to retrieve their funds.
Under the announced timeline:
- New registrations end September 15
- Most exchange services stop September 29
- Withdrawals remain available until December 22
- Remaining assets may be converted into USDT after September 29
- Unclaimed USDT after December 22 will move to independent custody
CoinEx warned that assets transferred to independent custody will be subject to a monthly fee equal to 5% of the original balance. Users will have until August 22, 2028, to claim funds held under the custody arrangement.
The exchange has urged customers to withdraw their holdings before the relevant deadlines rather than leaving assets on the platform during the wind-down process.
Founder Says CoinEx Could Not Become an Industry Leader
CoinEx founder and CEO Haipo Yang addressed the decision in a September 15 post on X, acknowledging both the competitive pressures facing the exchange and the growing risks associated with operating a centralized trading platform.
“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 said he had considered selling CoinEx but ultimately decided against transferring the platform to another owner, preferring what he described as a cleaner and more responsible closure.
He emphasized that the priority would be allowing users to retrieve their assets while providing clarity for employees and holders of the platform’s CET token.
“Nine years, millions of users. I did not turn CoinEx into the ‘great’ exchange I once hoped it would become. But I can give it a decent ending: making sure users can withdraw their assets in full, giving my employees a dignified farewell, and providing CET holders with a clear and responsible conclusion. This is the best ending I can give CoinEx.”
Regulatory Pressure Followed CoinEx Across Markets
CoinEx operated across more than 200 countries and regions, but its global reach also brought regulatory scrutiny.
In 2023, the exchange exited the United States after settling a lawsuit brought by the New York attorney general, which accused CoinEx of offering cryptocurrency trading services without the required registration.
The platform also faced renewed compliance attention earlier in 2026 when blockchain intelligence firm TRM Labs reported that CoinEx had processed more than $3.8 billion in flows linked to Iranian entities since 2019, including transactions associated with Nobitex and other sanctioned counterparties.
Against that backdrop, CoinEx said rising compliance costs and regulatory demands had become increasingly difficult to sustain alongside deteriorating market conditions.
Another Sign of Centralized Exchange Consolidation
CoinEx’s closure follows several other notable exits by established centralized exchanges this year.
As previously reported by CryptoPulse.News, BitMEX announced plans in July to shut down after 11 years of operations, while BitMart disclosed plans to wind down its trading platform shortly after its eighth anniversary.
The circumstances surrounding each company are different, but the sequence is becoming harder to dismiss as isolated events. Liquidity is increasingly concentrated among the largest exchanges, while smaller and mid-sized operators face mounting expenses tied to cybersecurity, licensing, compliance infrastructure and regulatory oversight.
CoinEx’s decision therefore reflects more than the end of a single nine-year-old platform. Alongside the closures of BitMEX and BitMart, it points toward a centralized exchange market that is steadily becoming more concentrated, more regulated and more difficult for mid-tier competitors to operate in sustainably.
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