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

CoinEx, a Hong Kong-based cryptocurrency exchange founded in December 2017 by mining pool ViaBTC, today (Tuesday) announced that it will cease operations and begin an orderly liquidation, citing the prolonged downturn in the crypto market, shrinking trading volume and liquidity, rising regulatory requirements, and compliance costs exceeding reasonable limits.

London's trading industry is coming home!

Founder and chief executive Haipo Yang acknowledged the platform failed to achieve its ambition of becoming a top-tier industry player, while security concerns and regulatory challenges had become increasingly unmanageable.

An Orderly Shut Down

The shutdown is staged. New user registrations and referral rewards were halted immediately, and futures moved into reduce-only mode; on September 22, all non-spot services will be halted; on September 29, spot trading will cease, and all CET in user accounts will be repurchased at 0.005 USDT per token; on December 22, the withdrawal period ends, and the platform ceases operations.

After December 22, unclaimed USDT will move to independent custody with a 5% monthly custody fee based on the original balance, and users can submit custody claims until August 22, 2028.

From September 15 to September 29, CoinEx will place buy orders at $0.005 per CET, its native token, on the CET/USDT pair with no quantity cap, and trading fees on that pair are waived.

CET rose after the shutdown news, even though the token remains down sharply for the year. At the time of the announcement, the exchange registered approximately $58 million in daily trading volume, and CoinEx said its reserve ratio surpasses 100%.

The exchange has prior regulatory history. In 2023, CoinEx 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.

Part of a Wider Pattern?

CoinEx joins a run of 2026 exchange closures. Finance Magnates earlier reported that BitMEX, the derivative exchange that revolutionised crypto trading with the invention of the perpetual swap, announced on July 23 that it will shut down its platform on September 23, 2026, closing an eleven-year run.

BitMart, which claimed more than 13 million users across 180 countries, announced its shutdown on July 26, 2026, with all trading services ending August 26 and full closure set for January 31, 2027. AscendEX, registered in Singapore, ceased operations on July 1, citing the entry into force of new European crypto market regulations, the lack of the necessary license, and financial difficulties.

Since the start of 2026, nearly 100 crypto projects, spanning exchanges, decentralized finance services, NFT marketplaces and blockchain projects, have ceased operations amid the same pressures CoinEx cited: falling volumes and rising compliance bills. CoinEx said no further official announcements would be issued and urged users to withdraw or convert holdings well before the December deadline.