Crypto exchange CoinEx said it will shut down on December 22, 2026, ending operations exactly nine years after its 2017 launch. The company said users can withdraw funds until that date as it carries out an orderly wind-down across the coming months.

Founder and CEO Haipo Yang said he chose a “clean ending” instead of selling the business. As part of the closure plan, CoinEx will also repurchase its native CET token at its original listing price of 0.005 USDT, with no limit on the amount tendered during the buyback window.

Closure timetable has already begun

CoinEx laid out a fixed sequence for shutting down its platform. New account registrations and referral rewards have already been halted, while futures trading has been placed in reduce-only mode.

The next stage arrives on September 22, when non-spot services are due to stop. Spot trading is scheduled to end on September 29, and withdrawals will remain available until December 22, 2026, when the exchange formally closes.

CET holders offered a defined exit

The exchange said holders of CET, CoinEx’s native token, will have a built-in route out during the wind-down. From September 15 through September 29, CoinEx plans to buy back CET at 0.005 USDT, the token’s original listing price, and said there will be no cap on volume.

After that period ends, any remaining CET balances will be automatically converted at the same rate, according to the company’s plan.

Company cites market pressure and costs

Yang said he turned down the option of a sale and opted instead for what he described as a cleaner conclusion to the business. The decision comes amid a prolonged downturn in the crypto sector and rising compliance expenses, according to the company’s explanation summarized in the announcement.

CoinEx also said its reserve ratio is above 100%, which it presented as evidence that user assets remain fully backed during the closure process. Around the time of the announcement, the exchange’s reported 24-hour trading volume was in the tens of millions of dollars, well below the activity levels seen on the largest global venues.

Shutdown follows scrutiny and wider exchange exits

CoinEx’s closure comes months after questions were raised about its links to Iran. In June, TRM Labs alleged that more than $3.8 billion had moved between CoinEx and dozens of sanctioned Iranian platforms over a seven-year period. CoinEx denied that claim at the time.

The exchange is also joining a broader list of trading platforms ending operations this year. BitMEX said it would shut down after 11 years, and BitMart announced its own wind-down days later after a nine-year run.

What happens next

The key confirmed deadline for customers is December 22, 2026. Until then, withdrawals are set to remain open, while the exchange retires services in stages and completes the CET repurchase and conversion process.

Unless CoinEx changes that published timetable, the final step will be the permanent closure of the platform on that date.

Source: decrypt.co