CoinDesk
CoinEx, the Hong Kong-based cryptocurrency exchange that went live in 2016, will cease operations on December 22, founder and CEO Haipo Yang told users on Tuesday. Users have until that date to withdraw their funds. Yang cited mounting security and compliance risks as the reason, adding that he considered selling the exchange but ultimately chose a "clean ending" instead.
Why it matters
The closure is the third major exchange shutdown this year. BitMart and BitMEX both announced closures in July, ending runs that started in 2017 and 2014 respectively. All three venues had survived multiple crypto cycles, including the 2018 ICO bust, the 2022 credit crisis and the collapse of FTX, only to close as the industry entered a phase of structural consolidation.
The pattern points to a specific pressure: retail spot-trading volume has been declining across the board, squeezing the economics of mid-tier venues. CoinEx's 24-hour trading volume sits at just over $70 million, according to CoinGecko, a fraction of Asia-based peers CoinW ($1.18 billion) and Gate ($1.6 billion).
Market impact
The exit underscores the rising cost of compliance in an industry now under formal regulatory regimes in most major jurisdictions. Yang's framing of compliance and security risks as the trigger, rather than balance-sheet trouble, signals that even operationally healthy exchanges are finding the legal and operational overhead uneconomic at current volumes.
For users, the immediate task is straightforward: withdraw funds by December 22. For the broader market, the read is that mid-tier exchanges without a clear institutional or geographic niche are likely to face the same pressure as retail flow continues to concentrate at the top. Watch for further consolidation announcements in early 2026.
Frequently asked questions
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When will CoinEx stop letting users withdraw funds?
CoinEx users have until December 22, 2025 to withdraw their funds. On that date, the exchange will formally close, exactly nine years after it launched.
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Why is CoinEx shutting down?
Founder and CEO Haipo Yang cited mounting security and compliance risks as the reason for the closure. He said he considered selling the exchange but ultimately rejected a sale in favor of what he called a "clean ending."
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What is CoinEx's current trading volume?
CoinEx's 24-hour trading volume sits at just over $70 million, according to CoinGecko. That is well below Asia-based peers CoinW ($1.18 billion) and Gate ($1.6 billion).
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Which other crypto exchanges have closed in 2025?
BitMart and BitMEX both announced closures in July 2025, ending runs of nine and eleven years respectively. CoinEx is the third major exchange shutdown of the year.
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What does CoinEx's closure signal for the broader crypto exchange market?
The closure points to structural consolidation in the crypto exchange industry as mid-tier venues struggle with declining retail spot-trading volume and rising compliance costs. Watch for further shutdown or merger announcements from similar-sized exchanges.
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