TheBlock
CoinEx, the Seychelles-based crypto exchange that served users in more than 200 countries, announced Monday it will wind down after nine years. Founder and CEO Haipo Yang cited a prolonged market downturn, shrinking industry volume and liquidity, and rising regulatory and compliance costs as the key reasons, adding that the security and compliance risks of running a crypto exchange have become increasingly difficult to contain.
The exchange will stop accepting new registrations on Sept. 15, halt most services by Sept. 29, and close withdrawals on Dec. 22. Any unwithdrawn assets after Sept. 29 may be forcibly sold into USDT. USDT still on the platform after Dec. 22 moves into independent custody that charges a monthly fee of 5% of the original balance, with a final custody-claim deadline of Aug. 22, 2028.
Why it matters
The shutdown adds another mid-tier casualty to a thinning list of centralized exchanges exiting under regulatory and market pressure. Yang's public acknowledgment that he seriously considered selling the platform but chose a clean ending is unusual in an industry where collapsed venues routinely leave users locked out of their funds. The 5% monthly custody fee on stranded USDT is the kind of punitive clawback that should pressure users to extract assets before the deadline rather than wait.
Market impact
CoinEx's wind-down lands against TRM Labs' earlier finding that the exchange processed more than $3.8 billion in flows linked to Iranian entities since 2019, including activity tied to Nobitex and other sanctioned counterparties. CoinEx also exited the US in 2023 after settling a New York attorney general lawsuit that accused the venue of operating without proper registration. For users, the roughly three-month withdrawal window is the operative number. For the broader industry, the closure is another data point on how regulatory pressure is reshaping which exchanges survive the cycle.
Frequently asked questions
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Why is CoinEx shutting down?
Founder Haipo Yang cited a prolonged market downturn, shrinking industry volume and liquidity, and rising regulatory and compliance costs as the key reasons, adding that security and compliance risks had become increasingly difficult to contain.
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What is the deadline to withdraw funds from CoinEx?
The exchange stops new registrations Sept. 15, halts most services Sept. 29, and closes withdrawals on Dec. 22. Assets left after Sept. 29 may be forcibly converted to USDT.
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What happens to funds left on CoinEx after Dec. 22?
Any remaining USDT on the platform moves to independent custody that charges 5% of the original balance per month. The final custody-claim deadline is Aug. 22, 2028.
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Did CoinEx face regulatory issues before the shutdown?
CoinEx exited the US in 2023 after settling a lawsuit by the New York attorney general over operating without proper registration. TRM Labs also reported earlier this year that CoinEx processed over $3.8 billion in flows linked to Iranian entities since 2019.
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Why did the founder shut down rather than sell CoinEx?
Yang said he seriously considered selling the trading platform but decided against it because he wanted a clean ending, ensuring users could withdraw their assets in full and giving employees a dignified farewell.
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