CoinEx to Wind Down After Nine Years, Stops Spot Trading

CoinEx, a centralized crypto exchange, will wind down operations after nine years, ending spot trading on Sept. 29 and keeping withdrawals open until Dec. 22, the company announced on Sept. 15. New user registrations have been halted and futures markets moved to reduce-only mode.

The exchange said margin trading, loans, Earn and staking products will be phased out ahead of the Sept. 29 cutoff. CoinEx urged customers to move funds early to avoid congestion and stated that customer assets remain fully backed.

Founder Haipo Yang attributed the decision to a mismatch between revenue and ongoing obligations, writing: “Revenues can decline, responsibility does not” and adding that “carrying unlimited risk for limited revenue is no longer a rational choice.” The company cited a prolonged contraction in trading volume and liquidity, rising regulatory requirements and the costs of security, compliance staffing, licensing and custody systems.

CoinEx pointed to a 2023 settlement with the New York attorney general that required it to withdraw services from the state. Under that agreement the exchange agreed to refund about $1.1 million to 4,691 New York investors and to pay more than $600,000 in penalties. The company said regulatory expenses tied to such actions contributed to the decision to exit.

Market data show trading volumes recovered in August even as activity concentrated at a few large platforms. Eleven major centralized exchanges recorded $4.23 trillion in combined spot and derivatives volume in August, up 12.3% from July. Five exchanges — Binance, OKX, MEXC, Bybit and Gate — accounted for roughly 88% of that activity, with Binance processing about $1.83 trillion and holding a 43.3% share. CoinEx was not included in that sample.

Other established venues have also reduced services this year. BitMEX plans to end exchange services on Sept. 23 after more than 11 years. AscendEX stopped normal operations on July 1, citing the European Union’s Markets in Crypto-Assets rules and other financial and operational pressures; the company later said a planned recapitalization failed and it has been preparing for a possible insolvency process.

On-chain analytics show capital remains linked to CoinEx. Data from Nansen identified about $253.6 million across wallets labeled to the exchange after the shutdown announcement. That total included roughly $134.4 million in Bitcoin, $27.6 million deployed through Aave and more than $50 million combined in USDT and Ether. CoinEx noted that labeled wallets can include operational funds as well as customer assets.

With spot trading set to stop on Sept. 29, traders, market makers and token issuers that used CoinEx will need alternative venues. The exchange’s phased wind-down gives users almost three months to withdraw assets before the Dec. 22 deadline, and the company advised customers to remove funds early to reduce the risk of delays.