Seychelles-based cryptocurrency exchange CoinEx has officially announced an orderly wind-down of its business operations after nearly nine years in the market. The decision reflects severe macro headwinds facing mid-tier centralized exchanges, driven by a combination of persistent market slumps, contracting global trading liquidity, and increasingly restrictive regulatory requirements across major international jurisdictions.
The phased operational shutdown began on September 15, 2026, when the platform halted all new user registrations, referral commission distributions, and new order submissions across its fiat, margin, lending, and staking programs. Existing futures contracts were immediately shifted to reduce-only mode, permitting traders to close current positions without opening new leverage exposure. Non-spot trading services and on-chain deposit processing are scheduled to terminate fully on September 22, preceding the total halt of all spot trading pairs on September 29.
In an official statement, CoinEx Founder and Chief Executive Officer Haipo Yang addressed the decision directly, acknowledging that the security, risk management, and regulatory compliance burdens associated with running an exchange had become structurally unsustainable. Yang confirmed that after weighing potential acquisition offers, he chose a direct platform liquidation to ensure that user funds remain 100% collateralized and accessible for complete redemption.
Multi-Phase Liquidation Timeline and Asset Redemption Terms
CoinEx has established a structured timeline to safeguard customer balances throughout the winding-down process. Account holders are advised to execute withdrawals prior to the platform’s final operational cutoff on December 22, 2026. Any non-Tether (USDT) assets remaining in user accounts after the spot trading shutdown on September 29 will be automatically liquidated into USDT.
For its native exchange utility token, CoinEx Token (CET), the platform initiated a dedicated buyback program, committing to repurchase CET balances at a rate of 0.005 USDT per token, matching its initial listing price. Following the December 22 deadline, any unwithdrawn USDT balances will be transferred to an independent third-party custodian. These escrowed funds will incur a recurring 5% monthly maintenance fee based on the original balance, with a final claim window extending through August 22, 2028. The firm noted that self-custodial infrastructure, including CoinEx Wallet, operates independently from the centralized exchange entity and will remain operational.
The exchange’s exit caps a complex history marked by shifting regulatory pressures. Originally founded in 2017 by ViaBTC founder Haipo Yang, CoinEx previously adjusted its global footprint by exiting the mainland Chinese market in 2021 and leaving the United States market in 2023 following a regulatory settlement. Mounting oversight, alongside reports scrutinizing cross-border fund flows, highlighted the expanding compliance overhead that ultimately made maintaining independent exchange operations unviable.
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