After almost ten years in operation, a cryptocurrency exchange is shutting down.
CoinEx, based in the Seychelles, has announced that it is commencing an orderly wind-down process, assuring users that all their assets are fully secured.
Withdrawals have been open since September 15, 2026, and will continue to be available until 02:00 UTC on December 22, 2026.
The exchange was launched on December 22, 2017, and will officially cease operations exactly nine years later.
In a public statement, Founder and CEO Haipo Yang emphasized the importance of protecting user interests.
“Dear CoinEx Community, Today, I am announcing that CoinEx will cease operations and begin an orderly wind-down.”
He also confirmed that reserves exceed 100% and all assets can be withdrawn.
“CoinEx maintains an asset reserve ratio of over 100%. All user assets are fully backed and available to withdraw.”
The decision to close down was influenced by market downturns, decreasing trading volumes, and escalating regulatory expenses.
Despite considering selling the platform, Yang opted for a clean closure instead.
“I did not feel that handing the platform and that trust to a new owner was the right way to end this journey.”
CET tokens, CoinEx’s utility token, will be bought back at the original price of 0.005 USDT with no limit. At the time of writing, CET is trading at $0.00049, a significant drop from its all-time high of $0.15 in 2018.
Services will be phased out gradually through September, with wallets and vaults remaining unaffected.
After the deadline, a 5% monthly custody fee will be imposed until the claim cutoff date of August 22, 2028.
The closure of CoinEx comes after the exchange exited the US market following a lawsuit filed by New York State Attorney General Letitia James in February 2023. CoinEx settled the lawsuit for slightly over $1.7 million in June 2023.
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Featured Image: Shutterstock/Mia Stendal/Hoowy
