CoinEx shuts down after nine years, sets Dec. 22 deadline for withdrawals

CoinEx announced on September 15 that it would begin an orderly shutdown of its exchange after nine years in operation, citing a prolonged downturn in the cryptocurrency market, weaker industry trading activity and liquidity, as well as increasing regulatory and compliance expenses.

The CoinEx closure is another indication that the current market environment is putting pressure on centralized exchanges, particularly platforms facing declining activity while regulatory obligations continue to increase.

CoinEx closure reflects deeper crypto contraction

The CoinEx closure comes after a difficult period for the broader digital-asset market. CoinGecko previously reported that spot trading volumes among the largest centralized exchanges fell sharply during the first quarter of 2026, while total crypto market capitalization also declined.

CoinEx said the combination of these pressures had moved beyond what it considered reasonable operating limits. The development highlights how changes in trading activity can affect the business models of exchanges.

Platforms depend heavily on transaction volumes and liquidity to generate revenue, meaning prolonged market weakness can create pressure even when an exchange continues to operate normally.

CoinEx sets phased shutdown schedule

The CoinEx closure will not happen immediately. Instead, the exchange has established a series of deadlines through September and December to gradually discontinue its services.

Beginning September 22, CoinEx will discontinue its non-spot services and onchain deposits, with CET deposits remaining an exception. The platform will then stop all spot trading on September 29.

CoinEx has also announced that new registrations, referral commissions and promotional rewards will be stopped as part of the wind-down. Futures contracts will move into a “Reduce-Only” mode, preventing users from increasing exposure while allowing existing positions to be reduced.

The exchange will also discontinue new orders or subscriptions connected to several products, including fiat-related services, margin trading, lending, earn, staking and strategic trading.

The final stage of the CoinEx closure is scheduled for December 22. Withdrawals will remain available until that date, after which the trading platform will officially cease operations.

CoinEx said remaining USDT after the withdrawal deadline will be transferred to an independent custodian and subject to a monthly custody charge.

CoinEx offers CET buyback as exchange exits

Another notable part of the CoinEx closure is the treatment of CoinEx Token (CET), the platform’s native cryptocurrency.

CoinEx said it will repurchase CET at its initial listing price of 0.005 USDT per token. That price was slightly above CET’s market price immediately before the shutdown announcement, according to Cointelegraph.

The exchange’s decision provides CET holders with a defined buyback mechanism as the platform winds down. However, investors should distinguish between the exchange’s repurchase arrangement and ordinary market trading, particularly because trading services themselves are being discontinued.

CoinEx’s wallet and vault products are not included in the exchange shutdown. According to the announcement, those services operate independently and are expected to remain available.

CoinEx was launched in December 2017 by crypto mining pool ViaBTC. At the time of the announcement, CoinMarketCap ranked the exchange 33rd by trading activity, with roughly $58 million in 24-hour trading volume.

The company’s exit therefore represents a meaningful change for users who relied on its centralized trading infrastructure, even though it was not among the largest global exchanges.

CoinEx closure adds to exchange industry consolidation

The CoinEx closure also fits into a broader pattern of crypto companies scaling back or ending operations during 2026.

Cointelegraph reported that BitMEX, another established cryptocurrency exchange, announced plans to shut down its platform after more than a decade in the industry.

Other crypto businesses have also exited or reduced operations amid weaker demand, changing market structures and increasing regulatory requirements.

A reduction in the number of active exchanges could lead to greater market concentration, although it may also push users toward larger regulated platforms and decentralized alternatives.

For CoinEx customers, however, the immediate issue is more practical: withdrawals and asset management should take priority over speculation about the wider market.

The CoinEx closure ultimately underscores the financial pressures facing crypto exchanges when trading activity contracts while compliance and operating costs rise.

For investors, it is a reminder that holding assets on a centralized platform carries counterparty and operational risks independent of the performance of individual cryptocurrencies.

The CoinEx closure is therefore significant beyond one exchange: it demonstrates how sustained market contraction can reshape the infrastructure supporting the digital-asset economy.

Investors watching the sector will likely pay close attention to whether other exchanges experience similar pressure as trading volumes, regulation and competition continue to evolve.