CoinEx to shut down after nine years as exchange cites rising risks

Hong Kong-based crypto exchange CoinEx will cease operations on Dec. 22, ending nine years in business. Fo under and CEO Haipo Yang said users can withdraw assets until the final shutdown date. New registrations stopped Sept. 15, while most non-spot services will end Sept. 22 and spot trading will stop Sept. 29.

Yang cited a prolonged crypto market downturn, shrinking trading volumes and liquidity, and rising regulatory and compliance costs. He said security and compliance risks had become increasingly difficult to contain. Yang also said he considered selling CoinEx but rejected the option, arguing that a “clean ending” was the right way to conclude the platform’s journey.

CoinEx said its user assets remain fully backed and withdrawals will stay open through Dec. 22. The exchange will also repurchase its CET token at 0.005 USDT per token. The closure adds to a broader wave of crypto exchange consolidation as smaller platforms face tougher competition, weaker activity and higher compliance burdens.