CoinEx will cease operations on December 22, 2026, urging users to withdraw funds before the deadline as regulatory pressures mount.
CoinEx Announces Closure After Nine Years of Operation
CoinEx, the cryptocurrency exchange founded in 2017, will cease operations on December 22, 2026. Users are advised to withdraw their funds before this date as the platform winds down its services.
Haipo Yang, the CEO and founder, explained that the decision was driven by ongoing market difficulties and mounting regulatory pressures. He emphasized that the closure is a strategic decision rather than a forced exit, stating on X that managing security and compliance risks has become increasingly challenging.
In a bid for a "clean ending," Yang opted not to sell the exchange, choosing instead to repurchase the CoinEx token (CET) at its original listing price of 0.005 USDT without any volume restrictions. This buyback will occur between September 15 and September 29, after which any remaining CET balances will be converted at the same rate.
The shutdown process has already begun, with new account registrations halted and futures trading switched to a reduce-only mode. Spot trading ended on September 29, while the platform's overall trading volume has significantly decreased compared to major exchanges.
CoinEx's closure follows similar announcements from other exchanges like BitMEX and BitMart, both of which will also shut down in 2026 amid scrutiny over their operations, particularly concerning alleged ties to Iran. In June, TRM Labs reported that CoinEx had facilitated over $3.8 billion in transactions with Iranian platforms, a claim the exchange denied.
As CoinEx prepares to close its doors, it has assured users that its reserve ratio exceeds 100%, meaning all user assets are fully backed during this transition. Users must ensure they withdraw their funds by the final closure date to avoid losing access to their assets.
