Founder opts for “clean ending”
After nearly a decade in the cryptocurrency exchange business, CoinEx will close its doors for good.
Yang’s choice not to pursue a sale stands out in an industry where struggling platforms often seek acquisition as an exit. Instead, he emphasized the importance of winding down operations transparently and responsibly, citing both regulatory pressures and the desire to avoid passing unresolved liabilities onto others. The announcement leaves CoinEx’s user base—built over nine years—with a clear but finite timeline to withdraw their assets.
Market slump drives final decision
CoinEx attributed its closure to a prolonged downturn in the cryptocurrency market, shrinking trading volumes, and declining liquidity. These factors have plagued many mid-sized exchanges, but CoinEx’s situation was compounded by rising compliance costs that became unsustainable for its business model.
The contraction has not been brief: CoinEx cited an extended period of falling activity as a core reason for shutting down. The company specifically pointed to both reduced liquidity and lower trading volumes—a double blow that undermined its ability to compete or even maintain operations at previous levels. While some exchanges have weathered the storm by pivoting or merging, CoinEx determined that current conditions made a turnaround unlikely.
The headline is closure, yet CoinEx claims its reserve ratio remains above 100%—a contrast with several recent high-profile collapses driven by insolvency rather than market malaise.
Withdrawal grace period now ticking
CoinEx users have been given until December 22, 2026, to withdraw their assets from the platform. This three-year window is designed to allow customers ample time for offboarding, according to statements from the company. All new user registrations and rewards programs were halted as of September 15, 2024, while non-spot services—including onchain deposits except for CET—will be discontinued from September 22, 2024.
Spot trading services will cease on September 29, 2024. After this date, users will only be able to process withdrawals; all other trading functions will be disabled. Notably, any USDT (Tether) left on the platform past December 22, 2026, will be moved into independent custody and subjected to a monthly fee equal to 5% of the original balance. Claims on these funds can be submitted via email until August 22, 2028.
See Also
Buyback promised at listing price
CoinEx has promised to repurchase all remaining CET (CoinEx Token) in user accounts at its initial listing price of 0.005 USDT per token. There is no cap on how much CET users can redeem at this rate—a move intended to provide certainty amid volatile token values elsewhere in crypto markets. The buyback offer applies regardless of when users acquired their CET holdings.
This approach stands in contrast with some other exchange wind-downs that have left token holders with little recourse or forced them to accept market prices far below historical highs. By pegging the buyback rate to its original listing price rather than current market value—which may be higher or lower—CoinEx aims for what it calls fairness and predictability during its shutdown process.
Why it matters: orderly exit amid uncertainty
For many customers and industry observers, CoinEx’s closure is notable less for sudden collapse than for the measured nature of its exit plan. In contrast with platforms that have frozen withdrawals or declared insolvency overnight, CoinEx asserts that all user assets are fully backed with an asset reserve ratio above 100%. As reported by unchainedcrypto.com, this claim is meant to reassure users during what could otherwise be a chaotic transition.
There remains some uncertainty about how many users will take advantage of the withdrawal window before fees begin accruing on unclaimed balances after December 22, 2026. Meanwhile, CoinEx Wallet and CoinEx Vault are set to continue operating independently and remain unaffected by the main platform’s closure—a micro-detail that may matter for those using multiple services under the brand umbrella.
Main Takeaways
- •CoinEx, founded in December 2017 by ViaBTC, will cease operations after 9 years due to market downturn and compliance costs.
- •Users have until December 22, 2026, to withdraw assets before the platform closes and unclaimed USDT incurs a 5% monthly custody fee.
- •All CET tokens will be repurchased at the initial listing price of 0.005 USDT per token, with no quantity limit.
What the market is waiting for
If CoinEx users withdraw their assets before the December 22, 2026 deadline, they will avoid having unclaimed USDT transferred to an independent custodian and incurring a 5% monthly custody fee; whether all users complete withdrawals by this date remains unclear.