CoinEx Cashes Out: Hong Kong Crypto Exchange to Shut After Nine Years

CoinEx, the Hong Kong-based cryptocurrency exchange founded in December 2017 by mining pool ViaBTC, announced on Tuesday that it will cease operations and begin an orderly liquidation. The platform pointed to the prolonged crypto market downturn, shrinking trading volume and liquidity, rising regulatory requirements and compliance costs that it said exceed reasonable limits.

Founder and chief executive Haipo Yang acknowledged that the exchange never reached its ambition of becoming a top-tier industry player, and said security concerns and regulatory challenges had become increasingly difficult to manage. At the time of the announcement, CoinEx reported roughly $58 million in daily trading volume and said its reserve ratio remains above 100%.

Staged Shutdown Timeline

The wind-down is structured in phases. New user registrations and referral rewards were halted immediately, and futures trading moved into reduce-only mode. On September 22, all non-spot services will stop. On September 29, spot trading will cease and all CET held in user accounts will be repurchased at 0.005 USDT per token. The withdrawal period ends on December 22, when the platform stops operating.

Between September 15 and September 29, CoinEx said it will place buy orders at $0.005 per CET on the CET/USDT pair with no quantity cap, and trading fees on that pair are waived. CET advanced following the shutdown news, although the token remains sharply lower for the year. After December 22, unclaimed USDT will move to independent custody charged a 5% monthly custody fee based on the original balance, with custody claims accepted until August 22, 2028.

The exchange has prior regulatory history. In 2023 it settled a case brought by the New York Attorney General under the Martin Act, paying more than $1.7 million, of which about $1.1 million was refunded to New York investors, and agreeing to be barred from operating in New York.

CoinEx joins a broader run of 2026 exchange closures. BitMEX, which popularised the perpetual swap, announced on July 23 that it will shut down on September 23, 2026, ending an eleven-year run. BitMart announced its closure on July 26, 2026, with trading services ending August 26 and full closure set for January 31, 2027. AscendEX, registered in Singapore, ceased operations on July 1, citing new European crypto market regulations, the absence of a required licence and financial difficulties. Since the start of 2026, nearly 100 crypto projects spanning exchanges, DeFi services, NFT marketplaces and blockchain ventures have shut down amid the same pressures. CoinEx said it will issue no further official announcements and urged users to withdraw or convert holdings well before the December deadline.