Coinex will end spot trading on September 29 and shut down completely on December 22, the exchange announced September 14. The platform cited a prolonged cryptocurrency market downturn, contraction in industry trading volume and liquidity, and continuously rising regulatory requirements across major jurisdictions as reasons for the closure.
The exchange has outlined a phased wind-down schedule. New registrations and referral rewards stopped on September 15, with futures moving to reduce-only mode. All non-spot services ended September 22. Spot trading concludes September 29, when CET tokens held in user accounts will be repurchased at 0.005 USDT. Withdrawals close December 22.
Coinex said its reserve ratio exceeds 100% and user balances can be withdrawn in full before the deadline. USDT remaining after December 22 will be moved into independent custody and subject to a monthly fee equal to 5% of the original balance, with claims accepted until August 22, 2028. Coinex Wallet and Vault will continue operating.
Founder Haipo Yang, an early bitcoin investor who also founded mining pool ViaBTC, addressed the closure directly: "After careful consideration, I have accepted a harsh reality. Coinex has failed to become one of the leading exchanges in the industry, and the security and compliance risks of operating a crypto exchange have become increasingly difficult to control. Revenue may decline, but responsibility cannot. Taking on unlimited risks for limited revenue is no longer a rational choice."
Yang said he considered selling the exchange but decided against it, stating that users entrusted their assets to the platform and him personally, and passing that trust to a new owner would not be the appropriate way to conclude operations.
Coinex faced regulatory pressures in recent years. In June 2023, New York Attorney General Letitia James recovered $1.7 million from the exchange, including $1,172,971.50 in restitution, and required the platform to geoblock New York and stop opening U.S. accounts. The exchange also experienced a suspected $28 million hot wallet hack.
ViaBTC said the Coinex shutdown will not affect its normal operations, with the two businesses continuing independently.
