CoinEx Crypto Exchange to Shut Down After 9 Years Amid Market Slump
CoinEx Announces Closure After Nine Years in Operation
CoinEx, a Seychelles-based cryptocurrency exchange, has announced it will wind down operations after nine years. The decision comes due to a prolonged market slump, shrinking industry volume and liquidity, and rising regulatory and compliance costs.
Key Dates for Shutdown and Asset Withdrawal
- September 15, 2026: CoinEx stops accepting new registrations.
- September 29, 2026: Most exchange services will cease.
- December 22, 2026: Withdrawals remain open until this date.
- After December 22, any unwithdrawn assets may be sold into USDT, a stablecoin pegged to the US dollar. Remaining USDT will be moved to independent custody with a 5% monthly fee.
- August 22, 2028: Deadline for claims from the custody service.
Founder Cites Compliance Challenges in Statement
Haipo Yang, CoinEx's founder and CEO, stated on social media that the security and compliance risks of running a crypto exchange have become increasingly difficult to contain. He considered selling the platform but chose to close it to ensure users can withdraw assets fully and employees receive a dignified farewell.
Yang reflected, "Nine years, millions of users. I did not turn CoinEx into the 'great' exchange I once hoped it would become. But I can give it a decent ending."
Exchange's Regulatory History and External Reports
CoinEx left the U.S. market in 2023 after settling a lawsuit with the New York attorney general for operating without proper registration. Earlier in 2026, a report by blockchain analytics firm TRM Labs claimed CoinEx had processed over $3.8 billion in flows linked to Iranian entities since 2019, including activity tied to sanctioned counterparties. This information is from an external source and not part of CoinEx's official announcement.
Asset Conversion and User Guidance
After September 29, any assets not withdrawn may be converted into USDT. Users are advised to withdraw before the deadlines to avoid potential fees or asset conversion.