CoinEx plans December closure after nine-year run
CoinEx has begun an orderly shutdown of its cryptocurrency exchange after nearly nine years, giving customers until December 22 to withdraw assets. The platform said new registrations and referral rewards would stop from September 15, while futures markets moved into reduce-only mode as the first stage of a phased wind-down. CoinEx attributed the decision to a prolonged downturn in digital-asset…
CoinEx, a cryptocurrency exchange that has been operational for nearly nine years, has announced plans to shut down by December 22. The platform will cease new registrations and referral rewards from September 15, with futures markets entering a reduced-only mode. The decision comes as a result of a prolonged downturn in digital-asset markets, contracting trading volumes, and rising regulatory and compliance costs.
CoinEx's founder, Haipo Yang, stated that the exchange has struggled to become the industry leader he envisioned and that managing security and compliance risks has become increasingly difficult relative to revenue. The shutdown schedule will see most non-spot services end on September 22, including margin trading, crypto loans, staking, Earn products, futures, strategic trading, fiat channels, and CoinEx's OnChain service.
Spot trading will continue until September 29, after which all spot pairs will be closed, and outstanding orders cancelled. Withdrawals will remain available until 02:00 UTC on December 22. CoinEx claims its assets are fully backed, but customers are advised not to wait until the deadline due to potential network congestion, fees, or processing delays.
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