CoinEx shutdown will take effect on September 15, 2026, as the crypto exchange begins liquidating after about nine years in business. This move is attributed to an extended period of crypto market downturn, dwindling trade volume, liquidity, and increasing regulatory compliance costs.
CoinEx has said continuing operations has been challenging as regulatory requirements have grown. CoinEx has also indicated that the cost of compliance is higher than reasonable levels.
A phased shutdown plan has been released by CoinEx, which will offer time to users to handle their accounts, close positions, and withdraw funds from their accounts. The first step of the plan will involve changes in registration and futures trading.
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CoinEx Shutdown Starts With Futures Halt
The CoinEx shutdown process is set to commence on September 15. From September 15, CoinEx will suspend acceptance of any new users joining and also end its referral reward system.
Similarly, futures trading will switch to reduce-only mode on September 15, where traders will be able to reduce or close their futures trades, but not open new futures trades.
The second phase will be done on September 22. CoinEx intends to suspend all non-spot products on that day. Non-spot products include futures, staking, lending, and any other products outside the spot trading product line.
Any user with any balance or open position on the exchange should thus pay particular attention to the schedule and ensure that he/she completes the relevant action before the suspension of the respective service.
CoinEx Shutdown Ends Spot Trading on September 29
On September 29, an important phase of the CoinEx Shutdown will take place, during which the exchange will close all its spot trading.
CoinEx further added that all CET tokens stored in user wallets will be bought back by the exchange at a flat price of 0.005 USDT per CET. This is a good time for users who have the native currency of CoinEx to assess their wallet balance and the terms applicable.
Following the closure of spot trading, the platform will head towards the last phase, which is the withdrawal phase. CoinEx has fixed the date of December 22, 2026, for this purpose.
This has led users to withdraw their funds before the deadline rather than waiting until the last few days of the process of closure.
CoinEx Says User Assets Are Fully Withdrawable
The company has tried to tackle some of the issues related to user money in relation to the CoinEx shutdown. It claims that the exchange’s reserve ratio of its assets is more than 100%. Users can withdraw their entire assets during the withdrawal period.
On the other hand, any user who does not withdraw his or her USDT by the deadline of December 22 will be subject to another custody system, as per CoinEx.
The amount of the monthly custody fee, which is 5% of the initial balance, will be charged for money being transferred into the above-mentioned system.
This deadline is crucial for those customers who still have money stored on the exchange. It will help them not to go through the custody procedure and save themselves some extra fees.
CoinEx Warns of Fake Closure Notices
CoinEx has further stated that any fraudulent announcement that may occur during this shutdown period.
CoinEx has stated that their current announcement is the last official announcement related to this shutdown. It has warned that any future announcement made by CoinEx will be seen as fraudulent.
This warning is especially crucial at this stage because users will likely be targeted by phishing scams or even fake customer support. It is advisable not to share any passwords, private keys, recovery phrases, and other confidential information.
The CoinEx shutdown marks an event of great significance for the exchange, which has been operating for close to nine years. According to the company, this decision was made due to tough market conditions, lack of liquidity and activity, and rising costs related to regulation and compliance.
Since the process of shutdown involves multiple steps, users are allowed until December 22 to withdraw their eligible assets before CoinEx shuts down completely.
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