CoinEx, a cryptocurrency exchange launched in December 2017 by the ViaBTC mining pool, says it is winding down its trading operations amid a prolonged downturn that has pressured volumes and liquidity. In an announcement shared on Tuesday, the platform cited sinking market activity as well as increasing regulatory and compliance burdens that it says have become difficult to manage over time.
CoinEx’s shutdown will be phased: new sign-ups will be stopped first, trading will gradually be curtailed across its derivatives and then spot markets, and withdrawals will conclude at the end of a scheduled withdrawal window. The exchange also plans to buy back its CET token at its initial listing price of 0.005 USDT per token.
Key takeaways
- CoinEx will halt new user registrations, rewards, and referral commissions as part of an operational wind-down.
- Futures trading will shift to “Reduce-Only,” and the exchange will stop taking new orders or subscriptions across multiple non-spot and related services.
- From Sept. 29, CoinEx says it will discontinue spot trading and process non-USDT assets.
- By Dec. 22, the withdrawal window ends and the platform ceases operations; remaining USDT will be moved to an independent custodian with a monthly custody fee.
- CoinEx Wallet and CoinEx Vault will remain operational, as they run independently of the exchange.
A phased exit from exchange services
CoinEx framed its decision as a recognition that the exchange has struggled to reach the scale of leading trading venues, while compliance and security risks have grown increasingly hard to contain. In a statement attributed to CoinEx CEO Haipo Yang, the executive said the company has accepted what it describes as a “hard truth,” pointing to both operational realities and the broader risk profile of running a crypto exchange.
Under the plan described in the announcement, CoinEx will first stop new user registrations along with referral commissions and other rewards. It will also move futures contracts into a “Reduce-Only” mode, a common structure used by exchanges during wind-downs to limit further leverage building while allowing existing positions to be closed.
CoinEx further said it will stop accepting new orders or subscriptions across fiat, margin trading, lending, earn, staking, and strategic trading services. This effectively freezes the majority of activities beyond pure withdrawals, aiming to transition users toward an orderly exit rather than continued product expansion.
Dates that traders and depositors should track
The company’s shutdown timeline is detailed in several steps. Starting Sept. 22, CoinEx says it will discontinue all non-spot services and onchain deposits, with the exception of CET deposits. That exception suggests CET will remain the only token flow supported during the early portion of the wind-down, potentially reflecting the exchange’s plan to address CET holders through a buyback.
From Sept. 29, CoinEx says it will end all spot trading services and process non-USDT assets. For users with assets on the platform, this matters because it signals the shift from a market-facing platform to a custody-and-redemption phase, where activity is increasingly about settlement and withdrawal rather than trading.
Finally, CoinEx states that the withdrawal period will end on Dec. 22, when the platform will cease operations. Any USDT that users have not withdrawn will be transferred to an independent custodian, which will charge a monthly custody fee. This is an important detail for users who may be deciding whether to withdraw immediately or wait; it implies costs may persist after the trading platform itself has stopped operating.
CET buyback and token holders
CoinEx says it will buy back CET at its initial listing price of 0.005 USDT per token. The announcement adds that this level is slightly higher than the CET price on Monday before the shutdown announcement. While the buyback mechanism is meant to address token holders during the exit process, users will still need to pay attention to how and when redemption will occur, particularly if any parts of the exchange’s functions are paused ahead of the final withdrawal deadline.
Notably, the company’s plan to allow only CET deposits after Sept. 22 reinforces that CET is at the center of the wind-down’s remaining token-related activity, at least through the early stages.
Why CoinEx’s shutdown fits a broader industry pattern
CoinEx’s exit joins a string of exchange failures and shutdowns reported earlier this year, including BitMart, BitMEX, and AscendEX. In the CoinEx announcement, the reasons are presented as a combination of market conditions and structural pressure: trading volumes and liquidity have deteriorated during the crypto downturn, and compliance and security costs have reportedly increased at the same time.
That combination is particularly relevant for users and market participants because it suggests a shift in what keeps exchanges viable. Even platforms with established brands can struggle if order books thin out for long periods, lowering revenue while compliance workloads and risk management demands continue.
CoinEx’s approach—phasing down products, moving futures to reduce-only, stopping new orders, then eventually ending spot trading and withdrawals—mirrors common wind-down playbooks intended to reduce operational risk while managing user exits. Still, the practical effect for traders is that liquidity and platform functionality will likely contract in stages, which can make position management and withdrawal planning time-sensitive.
What remains available
CoinEx says its CoinEx Wallet and CoinEx Vault will remain fully operational because they are run independently from the exchange. For users, this distinction is significant: it suggests that even as exchange trading shuts down, some related services may continue to function, reducing the need for users to rebuild or transfer assets immediately—though the company’s later schedule still indicates that exchange withdrawals will ultimately be the main path out before Dec. 22.
As CoinEx’s timeline progresses, the key question for users will be whether CET deposits, asset processing, and withdrawal handling proceed as announced—especially around the Sept. 29 spot discontinuation and the Dec. 22 end of withdrawals. Those dates will likely determine how quickly users need to act to avoid any last-minute custody transitions or fees tied to USDT remaining on the platform.
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