Hong Kong Crypto Exchange CoinEx to Shut Down After Nine Years
CoinEx announces December closure
CoinEx, a Hong Kong-based cryptocurrency exchange, has announced it will stop operations on December 22, 2026. A cryptocurrency exchange is a digital platform where users buy, sell, and trade various digital assets like Bitcoin.
The closure marks the end of a nine-year journey for the platform, which first went live on the same date in 2017. Founder and CEO Haipo Yang stated that the company is closing because the conditions for running such a business have become increasingly difficult.
Important details for account holders
- The exchange will formally close on December 22, 2026.
- All users are required to withdraw their remaining funds from the platform before this date.
- The CEO confirmed he considered selling the business but ultimately chose a total shutdown for a "clean ending."
Reasons for the platform shutdown
According to CEO Haipo Yang, the decision was driven by mounting security and compliance risks. Compliance refers to the process of following legal and regulatory rules set by governments. Yang noted that it has become harder to contain these risks as the industry matures.
He also admitted that CoinEx failed to become one of the top exchanges in the global market. Data shows that CoinEx had a 24-hour trading volume of approximately $70 million, which is significantly lower than leading Asian exchanges like CoinW and Gate, which handle over $1 billion daily.
Industry trends and market pressure
The closure of CoinEx is part of a broader trend of older exchanges struggling to compete. In July, other established platforms including BitMart and BitMEX also announced they were closing. These events suggest that many exchanges are losing retail users who trade on the spot market, where assets are bought and sold for immediate delivery.
Timeline for the final steps
The exchange will continue to operate until its formal closing date. Users have from now until December 22 to move their assets to other wallets or exchanges. No specific plans for the company's assets or technology after the closure have been announced.
