CoinEx to shut down exchange after nearly nine years

CoinEx shutdown starts with trading restrictions

From Sept. 15, CoinEx stopped new registrations, referral rebates and new subscriptions or orders across fiat services, margin trading, loans, Earn, staking and strategic trading. Existing futures positions can still be reduced before derivatives services end on Sept. 22, when open positions remaining on the platform are scheduled for forced settlement using index prices.

ViaBTC provided a separate operational confirmation on Sept. 15, saying it will discontinue its “Withdrawal to CoinEx” feature on Sept. 22 because of business changes at its exchange partner. ViaBTC told users with automatic withdrawals to CoinEx to replace the destination address before the feature closes. ViaBTC’s Sept. 15 service notice

On Sept. 22, the exchange plans to stop futures, fiat, margin, lending, Earn, staking, strategic trading and its OnChain service. Most on-chain deposits will stop the same day, while CET deposits remain available through Sept. 29. Spot markets are scheduled to remain open until Sept. 29, when unfilled spot orders will be canceled.

CoinEx cites lower liquidity and compliance costs

In the shutdown notice, CoinEx attributed its exit to a prolonged market downturn, contracting trading volume and liquidity, and rising rules across major jurisdictions. The company said compliance costs and “operational uncertainties” had reached levels it no longer considered reasonable. The notice did not name a regulator, lawsuit or court order as the immediate trigger for the closure.

The exchange had continued updating products and infrastructure only days before the exit announcement. On Sept. 9, CoinEx announced a futures server upgrade scheduled for Sept. 10, describing the work as a trading-experience update. One day later, it announced the delisting of 14 tokens, including MLN, XEM, GENSYN, FIDA and LISTA, under its normal asset-review process.

CoinEx has said user balances remain fully backed and that its asset reserve ratio exceeds 100%. Its proof-of-reserves system uses published wallet information and a Merkle tree that allows users to check whether account balances were included in a reserve snapshot. An August 2026 update displayed on CoinEx’s CET page said covered assets remained above 100% reserve ratios. The reserve figures are CoinEx disclosures. CoinEx’s reserve verification method

CET conversion and withdrawal deadlines shape asset exit

Spot trading is due to stop Sept. 29, when CoinEx will begin processing non-USDT balances. Assets with external market liquidity may be sold in batches and converted to USDT using net sale proceeds, while users holding assets without outside liquidity are being told to withdraw them before the cutoff if they want to keep the tokens in their original form.

The exchange set 02:00 UTC on Sept. 29 as the deadline for users who want to withdraw assets before that conversion process begins. CoinEx said assets without external liquidity may be delisted and their wallets will no longer be maintained after processing starts.

CET, the platform token used across the CoinEx ecosystem, has a separate exit process. CoinEx plans to maintain a 0.005 USDT buy order for CET through Sept. 29 and waive trading fees on CET/USDT during the repurchase window. Any CET still held in user accounts after the window is scheduled for automatic repurchase at the same price.

BeInCrypto reported CET trading around $0.00466 on Sept. 15, slightly below the announced 0.005 USDT repurchase level. CoinEx Smart Chain and OneSwap are scheduled to stop operating on Sept. 29, while the CSC cross-chain bridge redemption window will end at the same time.

Withdrawals from the exchange remain available until 02:00 UTC on Dec. 22. CoinEx said USDT left after the withdrawal period will move into independent custody and will incur a monthly custody fee equal to 5% of the original balance recorded at the deadline. Users may later submit claims, with the company setting Aug. 22, 2028 as the final claims date.

Regulatory and security history preceded the final wind-down

CoinEx had already withdrawn from the U.S. after a 2023 settlement with the New York Attorney General. The agreement required $1,172,971.50 in refunds for 4,691 New York investors and $626,133.88 in monetary relief to the state, while restricting the platform from serving New York customers and opening new U.S. accounts. The New York Attorney General’s settlement announcement

As crypto.news reported at the time, the settlement followed a New York lawsuit over the platform’s failure to register as a securities and commodities broker-dealer. The Sept. 2026 shutdown notice does not state that the earlier case caused the present closure.

In June 2026, CoinEx faced fresh scrutiny after a Wall Street Journal report linked $3.84 billion in transactions to Iran-related entities. CoinEx disputed the interpretation, saying it had no commercial relationship with Iranian government-linked entities and that transaction flows through an exchange did not prove knowledge or support. The company said it strengthened geo-fencing, sanctions screening, know-your-customer checks and transaction monitoring  In related crypto.news coverage

Security researchers had examined CoinEx before the shutdown for a separate reason. SlowMist recorded an estimated $70 million loss from a September 2023 hot-wallet private-key compromise and said the attacker appeared connected to wallets used in the Stake.com and Alphapo hacks. SlowMist’s incident record

Elliptic independently said blockchain activity supported suspicion that North Korea’s Lazarus Group was behind the theft after stolen CoinEx funds moved through addresses connected with earlier Lazarus activity. Elliptic’s blockchain analysis

CoinEx rebuilt its wallet system after the breach and resumed deposits and withdrawals for major assets later that month. As previously reported by crypto.news, the exchange replaced deposit addresses while restoring services after the attack.

CoinEx Wallet and Vault stay outside the exchange closure

The exchange shutdown does not cover CoinEx Wallet or CoinEx Vault. CoinEx said both products are separate business services and will continue operating under their own service terms after trading, deposits and withdrawals on the centralized exchange have ended.

CoinEx Wallet’s support site remained active on Sept. 15, while its service terms retain sanctions-related access restrictions.

CoinEx Vault, launched as a custody product for institutions and large asset holders, is likewise excluded from the exchange cessation schedule. CoinEx previously described Vault as an independently structured custody service for enterprises, DeFi projects and professional asset holders.