CoinEx, the cryptocurrency exchange founded in 2017, has officially begun an orderly wind-down process after nearly nine years of operation. At its peak, the platform attracted over 10 million users.
CEO Haipo Yang disclosed the decision on Tuesday, confirming that CoinEx will cease operations on December 22, 2026—coinciding with the platform’s ninth anniversary. Yang described the closure as a “hard truth” following extensive reflection, citing intensifying competition that has made it difficult for CoinEx to scale alongside industry leaders, as well as declining revenues and mounting compliance risks.
Despite the shutdown, Yang emphasized that CoinEx navigated numerous challenges throughout its nearly nine-year history, including significant market volatility. He characterized the exit as honorable, stating, “We may not have won the race, but we are finishing with honor.” Yang also revealed that he considered selling the platform but ultimately rejected the idea, preferring a clean conclusion rather than transferring trust to a new owner.
Token and Withdrawal Plans
Yang assured users that their funds remain secure, noting that CoinEx’s reserve ratio exceeds 100%, ensuring full backing and liquidity for withdrawals. He cautioned that some tokens might require additional processing time while transfers occur between cold and hot wallets, but confirmed that all withdrawal requests will be honored before the deadline. Additionally, CoinEx will repurchase CET tokens at their original listing price of 0.005 USDT each, with no quantity cap. In the past 24 hours, CET traded between $0.0045 and $0.005, having declined more than 96% from its all-time high of $0.1459 in May 2021.
Industry Response
Yang expressed gratitude to his team and customers for their support throughout CoinEx’s journey. The announcement drew praise from former Binance CEO Changpeng “CZ” Zhao, who commended the platform for facilitating user withdrawals and contrasted the move with the QuadrigaCX scandal, which resulted in $169 million to $190 million in customer losses due to fraud and Ponzi scheme allegations.
