Key Insights:
- CoinEx will close after nearly nine years of operations.
- Spot crypto trading will stop on Sept. 29.
- Users can withdraw assets through Dec. 22.
CoinEx said it would cease operations after nearly nine years, starting a phased shutdown on Sept. 15, 2026. The exchange blamed weaker crypto trading activity, thinner liquidity, rising regulatory requirements, and higher compliance costs.
Founded in 2017, the platform had expanded across spot, futures, margin, lending, staking, and automated trading services. Its official materials said it served over 10 million users across 200-plus countries and regions.
That scale makes the wind-down relevant beyond token holders. It also tests how a long-running centralized venue manages customer exits under weaker market conditions.
The closure removes another centralized venue from an industry where trading activity remains concentrated among larger platforms. Users now face fixed deadlines for closing positions, converting assets, and withdrawing funds before the platform stops operating.
CoinEx Begins Phased Shutdown of Trading Services
The official Sept. 15 announcement said new registrations stopped immediately. Referral commissions and other rewards also ended, while futures contracts entered reduced-only mode.
The platform also stopped accepting new orders for margin trading, loans, Earn, staking, fiat services, and strategic trading. Existing users can still manage positions under the published wind-down schedule.
All non-spot services are scheduled to stop on Sept. 22. On-chain deposits will also close that day, except CoinEx Token deposits, which remain available until Sept. 29.
Spot crypto trading will end on Sept. 29. The exchange will also stop operations for CoinEx Smart Chain and OneSwap on that date.
The company said withdrawals would remain available until Dec. 22. It urged users to withdraw early because blockchain congestion could affect confirmation times and network fees.
CoinEx Sets Asset Settlement and Withdrawal Rules
The company said users must withdraw Tether’s USDT during the 90-day withdrawal period. Unwithdrawn balances after Dec. 22 will move into independent custody under the published settlement terms.
The exchange said a monthly custody fee would equal 5% of the original balance recorded at withdrawal expiry. Users can submit custody claims by email until Aug. 22, 2028.
CoinEx Token holders face a separate settlement process. The platform said it would repurchase remaining CET balances at $0.005 per token when spot trading ends.
CoinGecko historical data showed CET closed near $0.00527 on Sept. 12. The token had traded above $0.0123 at the start of September.
That decline placed the repurchase price near recent market levels before the shutdown announcement. However, the fixed settlement price also removes further market-price exposure after trading ceases.
The company said its Wallet and Vault products operate independently from the exchange. Those services will remain operational after the centralized platform closes.
Crypto Exchange Liquidity Shifts Toward Larger Venues
CoinMarketCap data showed about $59.9 million in 24-hour spot volume for the platform before the wind-down. The data provider also listed roughly $166.4 million in exchange assets.
Those figures placed the venue well below the largest centralized exchanges by trading activity. Smaller platforms generally face higher pressure when liquidity, compliance spending, and operating costs move against them.
Kaiko’s Q3 2026 exchange ranking placed Crypto.com first, followed by Coinbase, Kraken, Bitstamp, and OKX. Kaiko evaluates exchanges across governance, business, technology, data quality, security, and liquidity.
The ranking did not directly frame the shutdown. However, its methodology shows why liquidity and regulatory capability remain core competitive factors for centralized venues.
Kaiko assigns 15% of its exchange score to liquidity. Its framework measures trading volume, market depth, asset dispersion, market quality, and liquidity momentum.
CoinEx Reserve Claims Shift Focus to Withdrawals
The company said user assets remained fully backed during the wind-down. Its February proof-of-reserves update reported reserve ratios above 100% for major tracked assets.
That update listed Tether reserves at 106.62%, Bitcoin at 105.57%, and Ether at 100.2%. The company reported $492.4 million in wallet assets at the February snapshot.
Proof of reserves does not remove operational or counterparty risk. Still, the published ratios provide users with a reference point during the withdrawal period.
CoinMarketCap’s later asset figure was lower than the February company snapshot. The two measures use different methodologies and dates, so they are not directly comparable.
The next deadline arrives on Sept. 22, when non-spot services and most deposits stop. Spot trading ends Sept. 29, while withdrawals remain open through Dec. 22.
