Coinex will cease spot trading on September 29 and shut down on December 22 after nine years in operation, citing a prolonged market slump and rising compliance costs. The exchange says reserves exceed 100% and all user balances are withdrawable. Founder Haipo Yang ruled out a sale. USDT left unclaimed faces a 5% monthly fee.
Coinex will wind down operations in stages, ending spot trading on September 29 and shutting down completely on December 22, following a formal wind-down notice issued on September 14. The exchange, launched in December 2017, cited a prolonged cryptocurrency market downturn, contracting liquidity, and rising compliance costs. Founder Haipo Yang said he will not sell the platform.
The company stated its reserve ratio exceeds 100%, asserting customers can withdraw balances in full. Stablecoin handling is time-bound: unwithdrawn USDT will move to independent custody and incur monthly fees. Coinex Wallet and Vault will continue to operate after the exchange closes.
Why is Coinex shutting down?
Coinex is closing due to a long cryptocurrency market slump, a significant contraction in trading volume and liquidity, and rising compliance costs. The exchange said these conditions made ongoing operations unsustainable despite maintaining a reserve ratio above 100% and planning an orderly wind-down to protect users and preserve asset withdrawals.
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The platform pointed to sustained weakness across digital asset activity and liquidity conditions that have pressured exchange revenues. Compliance and regulatory costs have increased concurrently, raising the bar for independent exchanges. Against this backdrop, management opted for an organized wind-down rather than a sale, with founder Haipo Yang explicitly ruling out transferring ownership.
Date
Milestone
Detail
December 2017
Launch
Exchange founded by Haipo Yang
September 14
Wind-down notice
Orderly shutdown plan announced
September 29
Spot trading ends
Final day for spot market activity
December 22
Exchange shutdown
All exchange services cease
August 22, 2028
USDT claim deadline
Final date to claim USDT in custody
What deadlines and fees should users expect?
Users face two hard operational deadlines: spot trading ends on September 29, and the exchange shuts down on December 22. USDT not withdrawn by the stated deadline will move into independent custody and accrue a monthly fee equal to 5% of the original balance, with claims accepted until August 22, 2028.
Coinex says reserves are over 100%, and withdrawals of all balances are supported during the wind-down. The custody arrangement for unclaimed USDT is intended as a last-resort recovery path; however, the recurring 5% monthly fee on the original balance creates a strong incentive to withdraw promptly. Users should document transaction records ahead of the December cutoff.
Will Coinex Wallet and Vault keep operating?
Yes. The exchange said Coinex Wallet and Vault will continue operating after the trading platform shuts down on December 22. This separation allows users to maintain custody and storage services even as exchange functions are retired, preserving access to assets not dependent on the spot order book or centralized trading operations.
By maintaining the Wallet and Vault products, Coinex provides users continuity for non-exchange services during and after the wind-down. That continuity may ease transitions to alternative trading venues while keeping custody tools in place for existing customers who prefer to retain familiar infrastructure.
What should users do next?
Withdraw all balances before shutdown and especially redeem any USDT before it moves to independent custody and incurs the 5% monthly fee. Note the key dates—September 29 for spot trading and December 22 for the full shutdown—and retain records. Founder Haipo Yang has ruled out a sale, so users should plan for a complete exchange wind-down.
With reserves above 100%, the platform indicates it can honor withdrawals in full. Users should confirm destination addresses, review fee schedules, and complete any required account verifications well ahead of deadlines. Claims on custodial USDT remain available until August 22, 2028, but early action minimizes costs and complexity.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry significant risk. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.
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