CoinEx shuts down after nine years as trading concentrates on top exchanges

Centralized exchange CoinEx announced it will wind down operations after nine years, citing falling revenue and rising compliance costs.

Shutdown timeline

• Spot trading ends on September 29.
• Withdrawals close on December 22.
• New registrations halted; futures moved to reduce‑only mode.
• Margin trading, loans, Earn and staking are being phased out.

Reasons for exit

Founder Haipo Yang said the exchange could not achieve a leading market position and that the cost of security and regulatory obligations outweighed the limited revenue. The firm also faced a prolonged contraction in trading volume and liquidity, as well as heightened regulatory requirements.

Regulatory background

In 2023 CoinEx settled a case with the New York Attorney General, withdrawing from the U.S. market, refunding over $1.1 million to 4,691 investors and paying more than $600,000 in penalties.

Industry context

CoinEx joins other mid‑tier exchanges exiting the market, including BitMEX (closing September 23) and AscendEX (ceased operations July 1). The exits occur as trading activity rebounds but becomes increasingly concentrated among a few large platforms.

Trading concentration

Eleven major exchanges handled $4.23 trillion in spot and derivatives volume in August, a 12.3 % rise from July. Binance alone accounted for 43.3 % of that volume, with OKX, MEXC, Bybit and Gate together making up roughly 88 % of total activity.

On‑chain assets remaining

Data from Nansen shows about $253.6 million still held in CoinEx‑labeled wallets after the shutdown announcement. Bitcoin represents roughly $134.4 million, Aave $27.6 million, and USDT plus ETH together exceed $50 million.

Next steps for users

CoinEx will keep withdrawals open until December 22, urging customers to move funds early to avoid congestion. After spot markets close, traders and token projects will need to relocate to other venues, further concentrating liquidity on the dominant exchanges.