A Farewell to CoinEx: Cryptocurrency Exchange Shuts Down After Nearly a Decade
After nearly a decade in the business, CoinEx, a cryptocurrency exchange based in the Seychelles, has announced its closure. The decision to wind down operations comes as a result of market downturns, declining volumes, and increasing regulatory costs.
Founder and CEO Haipo Yang made a public statement emphasizing user protection, stating that all user assets are fully backed and available for withdrawal. Withdrawals opened on September 15, 2026, and will remain available until 02:00 UTC on December 22, 2026. The platform, which launched on December 22, 2017, will officially cease operations exactly nine years later.
In his statement, Yang mentioned that despite considering selling the platform, he believed that an orderly wind-down was the best way to end CoinEx’s journey. He also announced that CET tokens, the exchange’s utility token, would be repurchased at the initial price of 0.005 USDT with no cap. Currently trading at $0.00049, CET has seen a significant decrease from its all-time high of $0.15 in 2018.
Services on the platform will phase out gradually through September, with wallets and vaults remaining unaffected. After the deadline, a 5% monthly custody fee will be applied until the claim cutoff on August 22, 2028.
The closure of CoinEx follows a lawsuit filed by New York State Attorney General Letitia James in 2023, which led the exchange to exit the US market. CoinEx settled the lawsuit for over $1.7 million in June of the same year.
As CoinEx bids farewell to its users, the cryptocurrency community reflects on its nearly decade-long presence in the industry. Despite the challenges faced, the exchange maintained a commitment to user protection and asset security until the very end.
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Featured Image: Shutterstock/Mia Stendal/Hoowy