Crypto Exchange CoinEx Announces Closure After Nine Years of Operations
Cryptocurrency exchange CoinEx has announced it will cease operations on December 22, 2026—nine years after launching in 2017. Users have until that date to withdraw their funds as the platform winds down services systematically. Founder and CEO Haipo Yang cited prolonged market weakness and increasing compliance challenges as reasons for the closure, emphasizing a deliberate exit rather than an external pressure-driven decision. The shutdown process began with new account registrations and referral rewards being halted immediately. Futures trading moved into reduce-only mode on September 22, non-spot services ceased operation by that date, spot trading ended on September 29, and withdrawals will close permanently in December. CoinEx also offered a token buyback program for its native CET token at the original listing price of 0.005 USDT during early September. CoinEx's closure is part of a broader trend as other major exchanges like BitMEX and BitMart have similarly announced shutdowns this year. The exchange has faced scrutiny in recent months, including allegations from TRM Labs about its ties to Iranian entities involving over $3.8 billion in transactions—claims it denied.
Tickers: $CET
Topics: Crypto Exchange Cryptocurrency Market Conditions Regulatory Compliance