Hong Kong crypto exchange CoinEx to cease operations after nine years

Hong Kong-based cryptocurrency exchange CoinEx is shutting down after nine years, citing a prolonged market downturn, falling trading volumes, and unsustainable regulatory compliance costs. Founder Haipo Yang announced a phased wind-down starting September 15, 2026, with a final withdrawal deadline of December 22, 2026. CoinEx guarantees that user assets are fully backed with a reserve ratio exceeding 100%, though unclaimed USDT will face a 5% monthly fee after the deadline. The platform will also buy back its native CET token at 0.005 USDT.

CoinEx shutdown announcement

• ▪CoinEx founder and CEO Haipo Yang stated that the exchange failed to become one of the industry's leading platforms and that carrying unlimited risk for limited revenue was no longer rational
• ▪Hong Kong-based cryptocurrency exchange CoinEx announced on September 15, 2026, that it will cease operations and begin an orderly wind-down after nearly nine years in the market

Declining trading volumes

• ▪CoinEx was ranked 33rd among cryptocurrency exchanges with a 24-hour trading volume of $58 million at the time of its shutdown announcement, according to CoinMarketCap
• ▪CoinEx cited a prolonged cryptocurrency market downturn, a major drop in industry trading volume, and weaker liquidity as key reasons for its decision to shut down

Rising regulatory compliance costs

• ▪CoinEx previously exited the United States market in 2023 following a settlement with New York Attorney General Letitia James that required returning $1.1 million to investors and paying $600,000 in penalties
• ▪CoinEx cited rising regulatory and compliance requirements across major jurisdictions as a primary factor making the security and compliance risks of running the exchange difficult to manage

User withdrawal deadlines

• ▪CoinEx halted new user registrations and referral rewards on September 15, 2026, and will disable all non-spot services and on-chain deposits on September 22, 2026
• ▪CoinEx Wallet and CoinEx Vault operate independently of the exchange and will remain fully operational after the exchange shuts down
• ▪Unclaimed USDT left on CoinEx after December 22, 2026, will move to independent custody and incur a 5% monthly custody fee, with users permitted to submit custody claims until August 22, 2028
• ▪CoinEx will close all spot trading pairs on September 29, 2026, alongside the shutdown of CoinEx Smart Chain and the decentralized exchange OneSwap
• ▪CoinEx users have until December 22, 2026, to withdraw their assets, with the exchange maintaining a reserve ratio above 100% to ensure all user balances are fully backed

CET token buyback program

• ▪The CoinEx Token buyback price of 0.005 USDT was slightly above its market trading price, which stood at $0.00466 on Tuesday before the announcement
• ▪CoinEx will buy back its native CoinEx Token (CET) from user accounts at a fixed price of 0.005 USDT per token with no quantity limits

Industry-wide exchange closures

• ▪AscendEX ceased operations on July 1, 2026, due to a lack of authorization under the European Union's Markets in Crypto-Assets Regulation (MiCA) and a failed liquidity deal
• ▪The closure of CoinEx follows other notable cryptocurrency platform shutdowns in 2026, including AscendEX, BitMEX, and BitMart, which cited similar regulatory and market pressures

Debatable claims

• ▪Cryptocurrency exchange market consolidation harms the industry
• ▪Strict global regulations are making mid-sized cryptocurrency exchanges unviable