CoinEx to Close Exchange on Ninth Anniversary

Crypto exchange CoinEx said it will wind down operations, ending spot trading on Sept. 29, halting withdrawals at 02:00 UTC on Dec. 22 and closing the platform that day, nine years after launch. Arkham onchain analytics attributes about $422.7 million across 3.2 million addresses to CoinEx, while the exchange's public proof-of-reserves page showed no dated audit entries when reviewed.

By AI NewsroomPublished about 5 hours agoUpdated about 5 hours ago0 views

Why It Matters

The shutdown affects a long-running trading venue and comes as onchain data points to hundreds of millions of dollars tied to addresses labeled to the platform, but publicly available proof-of-reserves information did not permit independent verification of customer liabilities. The phased wind-down and custody rules will directly shape how users can recover assets.

Key Facts

Closure date: Platform scheduled to close Dec. 22 (nine years after launch)
Spot trading end: Sept. 29
Withdrawals end: 2:00 UTC on Dec. 22
Staged wind-down start: Sept. 15
Addresses labeled to CoinEx (Arkham): 3.2 million addresses

CoinEx announced a staged wind-down of its exchange operations, saying spot trading will stop on Sept. 29 and the platform will be closed on Dec. 22, the ninth anniversary of its launch. The company attributed the decision to a prolonged downturn in crypto markets, shrinking trading volume and liquidity, and rising regulatory and compliance costs. Founder Haipo Yang said on X that the exchange did not become a market leader and that escalating security and compliance risks made continuing untenable; he added he had considered selling but opted not to.

Under the timetable, CoinEx has already halted new user registrations and placed futures accounts into reduce-only mode. Many non-spot services and most deposit functions are due to stop on Sept. 22. Beginning at 02:00 UTC on Sept. 29, the platform will process and liquidate assets other than USDT: tokens with external liquidity will be sold in batches and converted to USDT based on net sale proceeds, while assets without external liquidity will have their wallets decommissioned and no longer be maintained for custody or redemption. Customers wishing to withdraw tokens in their original form therefore face the earlier Sept. 29 deadline. CoinEx also said it will repurchase its CET token at 0.005 USDT through Sept. 29 and then automatically convert remaining CET balances.

Onchain analytics provider Arkham attributed roughly $422.7 million in combined balances to about 3.2 million addresses labeled to CoinEx. Arkham’s labeled holdings, at the time of review, included about $144.7 million in bitcoin and substantial USDT balances across several labeled buckets. CoinEx has asserted its reserve ratio exceeds 100% and that user assets are fully backed, but its public proof-of-reserves page showed no date after the "Latest Audition" headline and no entries in the reserve table when viewed, preventing an independent reconciliation of labeled onchain assets against customer liabilities.

CoinEx said its Wallet and Vault products operate independently and will continue after the exchange shuts, and the company’s notice did not mention ViaBTC, the mining pool also run by Haipo Yang; ViaBTC’s website remained active and offering services at the time of review. After the withdrawal window closes on Dec. 22, any USDT left unwithdrawn will be moved into independent custody and subject to a monthly fee of 5% of the original balance recorded at the end of the withdrawal period; customers may submit custody claims until Aug. 22, 2028.