CoinEx to Close Permanently After Nine Years of Operation

CoinEx, a cryptocurrency exchange based in Seychelles, will shut down for good after nearly ten years in business. The company said all trading will stop on September 29, and users can withdraw funds until December 22. After that, any assets left on the platform will be moved to a third-party custodian, with a 5% monthly fee charged on unclaimed balances.

Mounting pressures

CoinEx is closing after a long stretch of falling trading volume and lower liquidity across the crypto sector. The company pointed to rising regulatory and compliance costs as a main reason, saying the risks and expenses of running a global exchange had become too much. CoinEx stopped taking new user signups on September 15, so the wind-down had already started before the public announcement.

CoinEx maintains an asset reserve ratio of over 100%, ensuring all user assets remain fully backed throughout the wind-down process.

Founder and CEO Haipo Yang said he considered selling the business but decided instead to close it outright, calling this a "clean ending." Yang admitted CoinEx never reached the scale or influence he once hoped for, even with its international user base. He said his focus now is on making sure users can withdraw their funds and that employees are treated fairly as the company shuts down.

Regulatory and legal fallout

CoinEx began pulling out of the U.S. market in 2023 after the New York attorney general sued the company for operating without proper registration. The case ended in a settlement, and CoinEx left the U.S. soon after. Compliance problems continued. In 2026, blockchain analytics firm TRM Labs reported that CoinEx had processed over $3.8 billion in transactions tied to Iranian entities since 2019, including activity with Nobitex and other sanctioned parties. CoinEx denied having any business with the Iranian government or local exchanges, but the report brought more scrutiny to its cross-border compliance.

User impact and withdrawal terms

For CoinEx users, the timeline is now set. Trading ends September 29, and withdrawals are open until December 22. After that, any remaining assets may be converted to USDT and held in independent custody, with a 5% monthly fee deducted from the original balance. Users have until August 22, 2028, to claim these funds. The company has not announced any reimbursement plans after these deadlines, so users who miss the window could lose access to their assets.

CoinEx's staged shutdown includes the end of non-spot services on September 22, 2026, and the closure of all spot trading by September 29, 2026. CET deposits will remain available until the final trading day, and withdrawals are open until December 22, 2026, as confirmed in the official cessation notice.

CoinEx's closure comes as centralized exchanges face more regulatory pressure and higher operating costs worldwide. The situation is similar to what EgonCoin reported about new compliance rules for crypto wallet providers in the EU, showing how legal requirements are getting tougher for platforms across the industry.

Market data and industry context

CoinGecko data shows CoinEx's daily trading volume dropped below $50 million in the months before the shutdown announcement, far below its peak during the 2021 bull market. The exchange lost market share as bigger competitors consolidated and regulations tightened in major markets. CoinEx's exit highlights how hard it has become for mid-sized exchanges to stay profitable as a few global players dominate the space.

Centralized exchanges like CoinEx now face a complicated mix of rules, including anti-money laundering checks, sanctions screening, and licensing requirements that differ by country. As enforcement and compliance costs rise, smaller exchanges may not have the resources or legal support to keep up. For users, this means picking an exchange carries more risk, and withdrawal deadlines are critical to avoid losing funds or paying unexpected fees.