Consolidation has hit the crypto exchanges, and not in a nice way.

Despite the recent rebound in digital asset prices, a year-long slump in crypto trading volumes is starting to take its toll.

After BitMex announced back in July that it was closing its doors, today nine year old exchange CoinEx announced that it is ceasing operations, in what it describes as an “orderly wind-down”. CoinEx was operated mainly from Hong Kong and Shenzhen, where its CEO Haipo Yang is based.

The company issued the following statement today about its closure.

CoinEx to Cease Operations and Begin an Orderly Wind-Down

After prudent evaluation, and in light of the prolonged downturn in the cryptocurrency market, the significant contraction in overall industry trading volume and liquidity, and the continuously rising regulatory requirements across major jurisdictions, as well as compliance costs and operational uncertainties that have exceeded reasonable boundaries, CoinEx has decided to cease operations and enter into an orderly cessation process. Starting from September 15, 2026, the platform will gradually cease services according to the schedule.

CoinEx maintains an asset reserve ratio of over 100%. All user assets are fully backed and available for withdrawal in full. Withdrawal channels will remain open until December 22, 2026 (UTC+8). For proof of reserves, please refer to: https://lnkd.in/gr7qZumN.

Key Timeline

September 15 (UTC+8)

• New user registration will cease.
• Referral commissions and other rewards will cease to be distributed.
• Futures contracts will enter Reduce-Only Mode.
• No new subscriptions or orders will be accepted for Fiat, Margin trading, Loans, Earn, Staking, or Strategic trading.

September 22 (UTC+8)

• All non-spot services will be ceased.
• On-chain deposit services will be ceased, except for CET deposits, which will remain available until September 29.

September 29 (UTC+8)

• All spot trading services will be ceased, and non-USDT assets will be processed.
• The repurchase window will end. The platform will repurchase all CET remaining in user accounts at 0.005 USDT per CET, with no quantity limit and no additional conditions.
• CoinEx Smart Chain (CSC) and OneSwap will cease operations.

December 22 (UTC+8)

• The withdrawal period will end, and the platform will cease operations. Please make sure to withdraw all assets before this date.
• Withdrawal services will remain available through the deadline above and will not be affected by the wind-down of other services. As blockchain networks may see congestion, fee changes, or longer confirmation times, please withdraw early and avoid last-minute rushes.
• Users must withdraw USDT within the 90-day withdrawal period, which ends on December 22, 2026.

After this deadline, any unwithdrawn USDT will be transferred into independent custody, and a monthly custody fee equal to 5% of the original asset balance recorded at the end of the withdrawal period will apply. Users may submit custody claims via email at support@coinex.com until August 22, 2028.

CoinEx Wallet and CoinEx Vault operate independently of the exchange and are unaffected by the wind-down.

For the full announcement, including detailed service arrangement, CET repurchase, asset settlement, and withdrawal arrangement, please visit: https://lnkd.in/gytJEuvH

To every user who has trusted and supported us over the past nine years, thank you for your trust and support. Thank you for being part of our journey.