CoinEx will cease operations after 9 years, halting new user registrations on Tuesday and closing the platform entirely by December 22.
The Hong Kong-based platform blamed a prolonged market downturn, shrinking industry trading volume and liquidity, and compliance costs, it says, have passed reasonable limits.
What Pushed CoinEx Toward the Exit
The closure caps a long retreat from regulated markets. CoinEx left the United States in 2023 under a settlement with New York Attorney General Letitia James.
That agreement returned more than $1.1 million to New York investors and added over $600,000 in state penalties. The exchange was also barred from making its platform available in the state.
Token holders get an exit above market. CoinEx will repurchase all remaining CoinEx Token (CET) at 0.005 USDT each, with no quantity cap and no extra conditions.
CET traded at $0.00466 on Tuesday, roughly 7% under the repurchase price, and about 97% below its July 2018 peak of $0.15029, according to BeInCrypto Markets data.
The Clock Users Are Now Racing
Futures contracts entered reduce-only mode on Tuesday. Fiat, margin, loans, Earn, staking, and strategic trading stopped accepting new orders the same day.
All non-spot services end on September 22. Spot trading closes September 29, along with the CoinEx Smart Chain (CSC) and decentralized exchange OneSwap.
CoinEx says its reserve ratio tops 100% and that every user balance is fully backed. Withdrawals stay open through December 22 regardless of other closures.
Assets left behind carry a cost. Unwithdrawn USDT moves into independent custody and accrues a monthly fee worth 5% of the recorded balance. Claims can be filed until August 22, 2028.
CoinEx Wallet and CoinEx Vault operate separately and remain live. The company also warned users to ignore anything issued in its name from here.
“Any purported ‘new announcements,’ ‘supplementary rules,’ or ‘policy changes’ subsequently issued in CoinEx’s name are fraudulent.”
— CoinEx
How much of that balance actually leaves the platform before December 22 will determine how orderly this exit looks.
The post CoinEx Sets December Deadline for Withdrawals as Exchange Winds Down appeared first on BeInCrypto.
