CryptoSlate
CoinEx said Sept. 15 that it will shut down after nine years, citing shrinking revenue and rising compliance costs. Spot trading ends Sept. 29, while withdrawals remain open until Dec. 22. New registrations have stopped, futures markets are in reduce-only mode, and margin, loans, Earn and staking products are being phased out.
Why it matters
Founder Haipo Yang said CoinEx failed to become one of the industry's leading exchanges, leaving security and compliance obligations that were increasingly difficult to justify against its revenue. “Revenues can decline, responsibility does not,” Yang said. “Carrying unlimited risk for limited revenue is no longer a rational choice.”
The shutdown follows a wider squeeze on smaller venues. CoinEx surrendered access to the US in 2023 after settling with New York Attorney General Letitia James. It agreed to refund more than $1.1 million to 4,691 New York investors and pay over $600,000 in penalties. BitMEX plans to terminate exchange services on Sept. 23, while AscendEX ceased normal operations on July 1 amid MiCA implementation and financial and operational pressures.
Market impact
Trading activity is recovering, but it is concentrating at the top. Eleven major centralized exchanges tracked by CoinMarketCap handled $4.23 trillion in combined spot and derivatives volume in August, up 12.3% from July. Binance, OKX, MEXC, Bybit and Gate captured about 88% of that activity, with Binance alone taking a record 43.3% share. Binance processed about $1.83 trillion, compared with $681.3 billion for OKX.
CoinEx was not included in that 11-exchange sample, so the figures do not directly measure its lost share. They show the competitive environment it is leaving. Nansen identified about $253.6 million across CoinEx-labeled wallets after the announcement, including roughly $134.4 million in BTC and $27.6 million deployed through Aave. Those balances may include operational funds, not only customer liabilities. As spot trading ends, remaining traders, market makers and token projects must redirect liquidity into a market already dominated by five venues.
Frequently asked questions
-
When will CoinEx stop spot trading and withdrawals?
CoinEx plans to end spot trading on Sept. 29 and close withdrawals on Dec. 22. It has urged customers to withdraw early to avoid congestion or delays.
-
Why is CoinEx shutting down after nine years?
CoinEx cited shrinking revenue, rising compliance costs, a prolonged contraction in trading volume and liquidity, and the difficulty of supporting security obligations without leading-market scale.
-
How concentrated was centralized exchange trading in August?
Eleven major centralized exchanges handled $4.23 trillion in combined spot and derivatives volume, up 12.3% from July. Binance, OKX, MEXC, Bybit and Gate accounted for about 88%.
-
What regulatory action had CoinEx already faced in the US?
CoinEx withdrew its platform and services from the US after a 2023 settlement with New York. The agreement included more than $1.1 million in refunds to 4,691 New York investors and over $600,000 in penalties.
-
How much value remained in CoinEx-labeled wallets after the announcement?
Nansen identified about $253.6 million across CoinEx-labeled wallets, including roughly $134.4 million in BTC and $27.6 million deployed through Aave. The balances may include operational funds, not only customer liabilities.
Whale Alert
WuBlockchain
TheBlock
Glassnode
Crypto Capital Venture
CoinDesk