Coinex, the exchange Haipo Yang launched in December 2017, will end spot trading on Sept. 29 and shut down completely on Dec. 22, blaming a long crypto slump and rising compliance costs.
Coinex Is Closing After 9 Years, and Its Founder Won't Sell It
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Key Takeaways
- Coinex stopped new sign-ups on Sept. 15 and moved futures to reduce-only ahead of a Sept. 29 spot halt.
- Coinex will buy back CET at 0.005 USDT, and the token already trades near that level on Coingecko.
- USDT left on Coinex after Dec. 22 incurs a 5% monthly custody fee, with claims open until Aug. 22, 2028.
The Calendar Users Need
Coinex announced an orderly wind-down on Sept. 14 with four hard dates:
- Sept. 15: registrations and referral rewards stop, futures switch to reduce-only, and fiat, margin, loans, Earn and staking stop taking new orders.
- Sept. 22: all non-spot services end.
- Sept. 29: spot trading ends, and CET in user accounts is repurchased at 0.005 USDT.
- Dec. 22: withdrawals close and the platform goes dark.
The exchange says its reserve ratio is above 100% and that user balances can be withdrawn in full. USDT that is not withdrawn by the deadline moves into independent custody and carries a monthly fee equal to 5% of the original balance, with claims accepted until Aug. 22, 2028. Coinex Wallet and Vault will keep running.
Why a Nine-Year Exchange Walks Away
The official notice cited the following reasons:
“A prolonged downturn in the cryptocurrency market, the significant contraction in overall industry trading volume and liquidity, and the continuously rising regulatory requirements across major jurisdictions.”
The market backdrop backs up the first part as bitcoin’s price sat near $77,650 on Tuesday, about 38% below its all-time high of $126,080 set in October last year. Ether has done worse, trading about 49% under its Aug. 2025 peak of $4,946.
Coinex was not a volume giant heading into this, and Coingecko shows roughly 752 BTC, or about $58 million, in reported 24-hour volume, with a trust score of 7 out of 10. Moreover, regulators had already narrowed its reach and in June 2023, New York Attorney General Letitia James recovered $1.7 million from the exchange, including $1,172,971.50 in restitution.
Moreover, she required the exchange to geoblock New York and stop opening U.S. accounts. Later that year, Bitcoin.com News covered a suspected $28 million hot wallet hack at the platform.
“Unlimited Risks for Limited Revenue”
Yang, an early bitcoin investor who also founded the mining pool ViaBTC, did not dress up the news, stating:
“After careful consideration, I have accepted a harsh reality. Coinex has failed to become one of the leading exchanges in the industry, and the security and compliance risks of operating a crypto exchange have become increasingly difficult to control. Revenue may decline, but responsibility cannot. Taking on unlimited risks for limited revenue is no longer a rational choice.”
Yang also said he had seriously considered selling Coinex and decided against it. His reasoning was that users handed over their assets because they trusted the platform and him personally, and passing that trust to a new owner was not the right way to end things.
The mining pool is staying out of the blast radius. ViaBTC said the shutdown will not affect its normal operations, and the two businesses will continue independently.
