Coinex Announces Complete Shutdown by December 2026

Coinex, the cryptocurrency exchange founded by Haipo Yang in December 2017, has outlined an orderly wind‑down schedule that will see all trading services end by the end of the year.

Wind‑down timeline

• September 15: New user registrations and referral rewards stop; futures contracts move to reduce‑only mode; fiat, margin, loan, Earn and staking services stop accepting new orders.
• September 22: All non‑spot services are terminated.
• September 29: Spot trading halts; the exchange will repurchase CET tokens in user accounts at a price of 0.005 USDT each.
• December 22: Withdrawals are closed and the platform goes offline.

Asset handling and fees

Coinex states its reserve ratio remains above 100%, allowing full withdrawal of user balances before the final deadline. Any USDT left on the platform after December 22 will be moved to independent custody and will incur a monthly fee of 5% of the original balance. Claims regarding these funds can be submitted until August 22, 2028. The Coinex Wallet and Vault services will continue to operate.

Reasons for closure

The exchange attributes its shutdown to three main factors: a prolonged cryptocurrency market downturn, a significant contraction in overall industry trading volume and liquidity, and continuously rising regulatory requirements across major jurisdictions. Market data shows Bitcoin trading near $77,650, roughly 38% below its all‑time high, and Ether about 49% below its peak.

Regulatory and security background

Coinex has faced regulatory pressure, including a June 2023 action by the New York Attorney General that recovered $1.7 million and required the platform to block New York users and cease opening U.S. accounts. The exchange also experienced a suspected hot‑wallet breach earlier that year.

Founder’s statement

Haipo Yang, who also founded the mining pool ViaBTC, said the exchange failed to become a leading platform and that the security and compliance risks had become untenable. He declined to sell Coinex, citing user trust as a reason to close the business rather than transfer ownership. ViaBTC will continue operating independently.