Crypto exchange CoinEx is winding down operations after nine years, with founder Haipo Yang confirming the decision as the company prepares to close the platform permanently.
CoinEx attributed the shutdown to a combination of a prolonged crypto market downturn, declining trading volumes and rising regulatory and compliance costs across major jurisdictions.
The exchange is not closing immediately. Instead, CoinEx has introduced a phased shutdown designed to give customers time to close positions and withdraw their assets. Withdrawals will remain available until December 22, 2026, when the platform is scheduled to go offline permanently.
New user registrations, referral commissions and reward distributions stopped when the shutdown was announced. Futures markets were moved into Reduce-Only mode, allowing customers to close existing positions but preventing them from opening new ones.
Trading Services Begin Closing in September
CoinEx has also stopped accepting new orders across several services, including fiat products, margin trading, loans, staking, Earn and Strategic Trading products.
The exchange has designated September 22 as the deadline for its remaining non-spot services, while spot trading is also scheduled to close during September.
As services wind down, CoinEx plans to begin converting remaining non-USDT assets. The company will also buy back leftover CET, its native exchange token, at 0.005 USDT per token.
Customers will then have approximately three additional months to remove their remaining assets before withdrawals officially close on December 22.
CoinEx says its customer assets remain fully backed and available for withdrawal throughout the process.
Exchange Blames Market Slump and Compliance Costs
According to CoinEx, the decision follows an extended period of difficult conditions across the cryptocurrency exchange industry.
The company pointed to lower trading volumes and reduced market liquidity, alongside what it described as continuously increasing regulatory requirements in major markets.
Those requirements have increased both compliance and operational expenses, which CoinEx said eventually climbed beyond levels it considered sustainable.
The exchange maintains that its reserve ratio remains above 100%. CoinEx uses a Merkle-tree proof-of-reserves system through which customers can verify that assets held by the platform are sufficient to cover user balances.
CZ Points to Orderly Crypto Exchange Exits
Binance co-founder Changpeng Zhao, better known as CZ, commented on CoinEx's announcement by contrasting recent exchange closures with collapses from earlier crypto cycles.
CZ described that approach as a sharp contrast to the QuadrigaCX-style collapses seen previously.
QuadrigaCX, once one of Canada's largest cryptocurrency exchanges, collapsed following founder Gerald Cotten's death in December 2018. Approximately $135 million in customer cryptocurrency was initially reported inaccessible.
Subsequent investigations found serious financial misconduct at the exchange, leaving thousands of customers facing significant losses.
CoinEx is instead emphasizing an orderly withdrawal process and full reserve backing as it exits the market.
Another Crypto Exchange Exits in 2026
CoinEx founder Haipo Yang had already expressed skepticism about expanding the exchange into U.S. equities, a strategy several crypto platforms have pursued as digital asset trading volumes weakened.
In June, Yang argued that adding U.S. stock trading was difficult to justify when considering compliance requirements, user demand and potential revenue.
The shutdown now places CoinEx among several established cryptocurrency exchanges that have struggled during 2026.
BitMEX announced in July that it would close on September 23, ending an 11-year run after parent HDR Global Trading Limited reportedly failed to secure a buyer.
BitMart has also faced serious difficulties, although its situation differs significantly. Users have reported withdrawal problems while the exchange brought in restructuring firm Alvarez & Marsal and promised independent oversight.
CoinEx, by comparison, says customers can continue withdrawing normally while its services gradually disappear.
For users, the most important deadline is therefore December 22, 2026. After nine years of operation, CoinEx plans to shut down permanently, becoming another established crypto trading platform to exit during a difficult year for centralized exchanges.
