CoinEx to Wind Down Operations by December, Citing Market Downturn and Compliance Costs

CoinEx said it will cease operations by December, attributing the decision to a prolonged crypto market downturn, shrinking trading volume and liquidity, and compliance costs it says have exceeded reasonable limits. The exchange announced the shutdown on its official X account , framing it as its final legitimate communication under the CoinEx name and warning that any further announcements bearing its brand should be treated as fraudulent.

The wind-down follows a staged timeline. New user registrations halted and futures trading entered reduce-only mode on September 15. All non-spot services, including margin, staking, loans and fiat channels, will end on September 22. Spot trading closes on September 29, at which point CoinEx will repurchase all outstanding CoinEx Token (CET) at a fixed rate of $0.005 per token, with no caps or conditions attached. Users have until December 22 to withdraw remaining balances.

CoinEx said its reserve ratio exceeds 100% and that user assets are fully backed, meaning customers should be able to withdraw in full ahead of the deadline. Funds left unclaimed after December 22 will move into independent custody, where USDT balances will accrue a 5% monthly fee. Claims on any remaining assets can still be filed through August 2028.

CoinEx launched in 2017 and built a reputation as a mid-tier exchange serving retail traders across Asia, though it never reached the scale of Binance or OKX. Its closure comes two months after BitMEX announced its own shutdown after eleven years of operation, ending its services by late September. Both exchanges pointed to compliance costs as a central factor, a pattern likely to recur as regulators in major markets tighten licensing requirements for offshore platforms and push trading volume toward exchanges built to absorb the cost of meeting them.