CoinEx exchange is shutting down after nine years of operation.

CoinEx announced the cessation of operations and the start of an orderly closure. The reasons cited include a prolonged market downturn, declining trading volumes and liquidity, as well as increasing regulatory requirements and compliance costs.

The exchange’s reserves exceed 100%, and all user assets are fully backed. Withdrawals are open starting today and will continue until December 22, 2026. The dates are symbolic: CoinEx launched on December 22, 2017, and will close exactly nine years later.

As of September 15, registration for new users will be discontinued; futures will switch to a position-closing-only mode; lending, staking, and all yield-generating products will be halted. Starting September 22, all non-spot services and fund deposits will be disabled. Spot trading will cease on September 29, and all assets except USDT will be automatically converted, so you’ll need to withdraw coins in their original form before that date. CoinEx Smart Chain and OneSwap will also be shut down at the same time.

The CET token will be redeemed at its initial listing price—0.005 USDT per token—with no volume limits. Any remaining balances in accounts after September 29 will be automatically redeemed.

Founder Haipo Yang wrote a candid statement: according to him, CoinEx never became one of the leading exchanges, and continuing to take unlimited risks for limited revenue is no longer rational. He had considered selling the platform too, but decided it would be wrong to pass on users’ trust to another owner. “We didn’t win the race, but we’re ending it with dignity.”

Exchange reserves $173 million