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CoinEx, one of the longer-running centralized crypto exchanges, announced on September 14 that it will shut down all trading operations in an orderly wind-down beginning September 15. The platform expects to fully cease operations by December 22, 2026, ending a run that started back in December 2017.
The exchange pointed to a familiar cocktail of problems: declining trading volumes, persistent liquidity challenges, and compliance costs that climbed past the point of sustainability.
The wind-down timeline
CoinEx laid out a phased shutdown schedule that gives users roughly three months to get their assets off the platform.
Non-spot trading services, including futures and margin products, will go dark by September 22. Spot trading follows a week later, ending on September 29. After that, the exchange effectively becomes a withdrawal-only terminal until the final deadline of December 22 at 02:00 UTC.
The platform’s native token, CET, will be repurchased at a price of 0.005 USDT per token.
Any USDT left on the platform after December 22 won’t simply sit there. Unwithdrawn USDT will be placed under independent custody and hit with a 5% monthly fee based on the original balance.
CoinEx says it maintains an asset reserve ratio above 100%, meaning user funds are fully backed and available for withdrawal throughout the process.
What else shuts down
The closure isn’t limited to the exchange itself. CoinEx Smart Chain, the platform’s own Layer 1 blockchain, and OneSwap, its associated decentralized exchange, will both halt operations alongside the main platform.
The one piece of affiliated infrastructure that survives is the ViaBTC mining pool. ViaBTC, which shares founders and corporate ties with CoinEx, will continue operating independently.
Regulatory pressure played a role
CoinEx’s decision didn’t happen in a vacuum. The exchange had already pulled out of the European Economic Area after MiCA, the EU’s comprehensive crypto regulation framework, went into effect.
CoinEx also faced a notable setback in 2023 when it suffered a security breach that resulted in the loss of funds from its hot wallets.
What this means for users
For CoinEx users, the immediate priority is straightforward: withdraw everything before December 22. The 5% monthly custody fee on lingering USDT is punitive by design, meant to ensure that the vast majority of assets leave the platform well before the final deadline.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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