CoinEx announced it will shut down its platform after nearly nine years of operation, citing significant headwinds in the crypto market and mounting regulatory challenges.
The exchange cited a contraction in trading volume and liquidity across the industry, combined with rising regulatory requirements and compliance costs in major jurisdictions. The wind-down process begins September 15, 2026, with users able to withdraw funds until December 22, 2026.
Industry Consolidation
CoinEx's closure reflects broader pressure on established exchanges as the crypto industry undergoes consolidation. BitMart and BitMEX announced closures in July after operating since 2017 and 2014, respectively. Other projects have also faced difficulties in 2026, including DEX aggregator Odos, which wound down operations on July 30, and blockchain project Dango, which stopped operations on August 13.
Previous Compliance Issues
Before announcing its shutdown, CoinEx faced regulatory scrutiny. Earlier this year, TRM Labs reported over $3.84 billion in blockchain transactions between CoinEx and sanctioned Iranian entities spanning more than seven years, with more than $2.7 billion moving between CoinEx and Iranian exchange Nobitex since late 2018. The report linked CoinEx to over 60 Iranian crypto businesses and identified approximately $67 million from Iran's central bank reaching the platform between June 2025 and June 2026.
CoinEx's founder, Haipo Yang, acknowledged Iranian customers used the exchange but denied any relationship with Iran's government. The exchange rejected claims of knowingly facilitating sanctions evasion, stating it was blacklisted by Iran in 2021 and never maintained an office there.
Security Incidents
CoinEx also faced operational setbacks unrelated to regulatory matters. In 2024, the exchange suffered a $70 million hack after its hot wallet keys were compromised, with the Lazarus Group later reported as responsible. In 2023, CoinEx agreed to pay more than $1.7 million following a New York lawsuit.
