CoinEx Announces Closure After Nine Years, Sets December Deadline for User Withdrawals

CoinEx, a cryptocurrency exchange founded in Hong Kong in 2017, has announced that it will shut down its platform. The company cited a sustained market downturn and increasing regulatory compliance expenses as the primary reasons for the decision.

Shutdown Timeline

CoinEx will stop all trading activities and close its services by the end of the year. Users are required to withdraw any remaining balances from their accounts no later than December 2026.

Reasons for the Closure

The exchange attributes its exit to the lingering effects of the crypto winter, which has reduced trading volumes and revenue. Additionally, the cost of meeting expanding compliance requirements has become unsustainable for the platform.

Impact on Users

Account holders are advised to initiate withdrawals promptly to avoid any potential loss of access to their funds after the deadline. CoinEx has not announced any compensation or migration options for affected users.

Industry Context

The closure of CoinEx adds to a series of exchange shutdowns that have occurred as market conditions remain challenging and regulatory scrutiny intensifies worldwide.