The Hong Kong-based cryptocurrency exchange CoinEx has announced it will cease all operations after nine years in the market. The platform cited a prolonged industry downturn, declining trading volumes, and rising compliance costs as the primary reasons for its decision to shut down.
The exchange stopped accepting new user registrations on Tuesday. Futures, margin, loans, and staking services have already entered a restricted mode, with all non-spot services scheduled to terminate on September 22. Spot trading, the CoinEx Smart Chain, and the OneSwap decentralized exchange will close on September 29.
CoinEx has committed to repurchasing all remaining CoinEx Tokens (CET) at a price of 0.005 USDT per token, with no quantity limits. This repurchase price represents a premium of approximately 7% over the market price recorded on Tuesday. The token remains significantly lower than its 2018 peak of 0.15029 USDT.
Users are required to withdraw their assets by December 22. The company claims its reserve ratio exceeds 100%, ensuring that all user balances are fully backed. Any assets remaining after the deadline will be moved to independent custody and subject to a monthly fee of 5% of the balance, with claims accepted until August 22, 2028.
The platform previously exited the United States market in 2023 following a settlement with the New York Attorney General. That agreement required the company to return over 1.1 million USD to investors and pay 600 000 USD in state penalties. CoinEx Wallet and CoinEx Vault will continue to operate independently.
