CoinEx to wind down; withdrawals open until Dec. 22
CoinEx announced an orderly wind-down, stopping new registrations and allowing withdrawals through Dec. 22 while phasing out trading services in September.
CoinEx, a nine-year-old cryptocurrency exchange, announced an orderly wind-down of operations, halting new user registrations on Tuesday and keeping withdrawals open until Dec. 22.
Futures contracts moved to reduce-only trading on Tuesday. Fiat deposits, margin, loans, Earn products, staking and strategic trading had already stopped accepting new orders. The exchange announced all non-spot services will end on Sept. 22, and spot trading along with the CoinEx Smart Chain and the decentralized exchange OneSwap will close on Sept. 29.
Withdrawals will remain available through Dec. 22. CoinEx reported its reserves exceed 100% and indicated user balances are fully backed.
The company cited a prolonged market downturn, a contraction in industry trading volume and liquidity, and rising regulatory and compliance costs as reasons for the decision. The announcement read: “After prudent evaluation, and in light of the prolonged downturn in the cryptocurrency market, the significant contraction in overall industry trading volume and liquidity, and the continuously rising regulatory requirements across major jurisdictions, as well as compliance costs and operational uncertainties that have exceeded reasonable boundaries, CoinEx has decided to cease operations and enter into an orderly cessation process.”
CoinEx will repurchase all remaining CoinEx Token (CET) at 0.005 USDT with no quantity cap; CET traded at about 0.00466 USDT on Tuesday. Any USDT left unwithdrawn after services close will be moved into an independent custody arrangement and will incur a monthly fee equal to 5% of the recorded balance. Users can file claims related to the wind-down through Aug. 22, 2028. CoinEx Wallet and CoinEx Vault operate independently and will remain live.
The withdrawal window follows other industry closures in 2026. AscendEX ceased operations on July 1, citing a lack of authorization under the EU’s Markets in Crypto-Assets Regulation and a failed liquidity deal. BitMEX is scheduled to close on Sept. 23 after a strategic review.
In 2023 CoinEx settled with New York authorities, returning more than $1.1 million to New York investors, paying over $600,000 in state penalties and agreeing not to make its platform available in the state.
Users are advised to withdraw funds before Dec. 22 or prepare for the custody transfer and associated monthly fee on unwithdrawn USDT.
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