CoinEx Shuts Down After Nine Years of Operation
Crypto exchange CoinEx ends operations, citing market slump and rising compliance costs.
CoinEx will cease most exchange services on September 29. The platform operated for nine years before this closure. New registrations stop on September 15. Withdrawals remain open until December 22. This timeline was confirmed in a Monday announcement.
The exchange cited a prolonged market downturn as the primary driver. Industry volume and liquidity have shrunk significantly. Regulatory requirements and compliance costs have risen. These factors made continued operation unsustainable for the firm.
Asset withdrawal timeline defined
Unwithdrawn assets after September 29 may be sold into USDT. After December 22, remaining USDT moves to independent custody. This custody arrangement charges a monthly fee. The fee equals 5% of the original balance. Users have until August 22, 2028, to claim custody.
Compliance costs drive exit
CEO Haipo Yang stated security risks are increasingly difficult to contain. He considered selling the platform but rejected the option. Yang wanted a clean ending for the business. He emphasized full asset withdrawal for users. He also sought a dignified farewell for employees.
Regulatory history shapes decision
CoinEx left the U.S. market in 2023. It settled a lawsuit from the New York attorney general. The suit accused the exchange of unregistered operation. TRM Labs reported $3.8 billion in Iran-linked flows. This data appeared in a report published earlier this year. The source of this context is GN markets/crypto (en-US).
