Catenaa, Monday, September, 21, 2026-Cryptocurrency exchange CoinEx will shut down after nine years of operation, citing sustained market weakness, shrinking trading volume and rising compliance costs.
The Seychelles-based exchange stopped accepting new registrations on September 15 and plans to end most trading services by September 29.
Withdrawals will remain available until December 22.
CoinEx said assets left on the platform after September 29 may be converted into USDT.
Any remaining USDT after December 22 will be transferred to an independent custodian that will charge a monthly fee equal to 5% of the original balance.
Users will have until August 22, 2028, to claim assets held by the custodian.
CoinEx founder and CEO Haipo Yang said security and compliance risks had become increasingly difficult to manage.
Yang said he considered selling the exchange but decided against it, preferring to wind down operations while allowing users to withdraw their funds.
CoinEx said the decision followed a prolonged downturn in crypto markets, lower industry trading volumes and tighter liquidity.
The company also pointed to rising regulatory requirements and compliance costs.
CoinEx had operated in more than 200 countries and regions and served millions of users during its nine-year history.
The exchange withdrew from the US market in 2023 after settling a lawsuit brought by the New York attorney general.
New York authorities had accused CoinEx of operating in the state without proper registration.
Under the settlement, the exchange agreed to block US users and return funds to affected customers.
CoinEx also faced scrutiny this year after blockchain intelligence firm TRM Labs said the platform had processed more than $3.8 billion in transactions linked to Iranian entities since 2019.
The report cited flows involving Nobitex and other counterparties associated with sanctioned activity.
CoinEx did not cite that report as a reason for its closure.
The shutdown comes as smaller and mid-sized crypto exchanges face increasing pressure from declining trading activity and higher regulatory costs.
Larger platforms have expanded into stablecoins, derivatives, tokenized assets and traditional finance products, while smaller exchanges face greater difficulty competing on liquidity and compliance.
The closure also highlights the importance of withdrawal deadlines when exchanges wind down.
CoinEx users who leave assets on the platform beyond December 22 could face significant custody charges.
The company said its priority is to allow customers to withdraw assets in full before operations end.
