CoinEx to Shut Down After 9 Years Amid Regulatory Pressure and Low Trading Volumes

CoinEx (CoinEx), a cryptocurrency exchange, has decided to cease operations after nine years. According to blockchain media Decrypted, CoinEx will stop new sign-ups from today and shut down most trading services by September 29.

Withdrawals for user assets will be supported until December 22. After September 29, the platform will convert remaining assets into Tether (USDT), with unclaimed USDT being transferred to an independent custodian institution that charges a monthly fee of 5% on the initial balance. Users can reclaim funds through this custodian until August 22, 2028.

CoinEx cited prolonged market downturn, reduced trading volumes, intensified regulatory environment, and rising compliance costs as reasons for closure. CEO Yang Haipo stated that operational risks had become too difficult to manage, particularly regarding security and compliance issues. He mentioned that while the company explored selling CoinEx, it opted for shutdown to ensure a clean conclusion.

The exchange noted it served over 200 countries but exited the U.S. market in 2023 following a settlement with New York State Attorney General’s office over unregistered operations. TRM Labs previously reported that CoinEx processed over $3.8 billion in transactions linked to Iran-related entities since 2019, including transactions involving Noviteks and sanctioned parties.