CoinEx to Shut Down after 9 Years, Citing Rising Compliance Burden

CoinEx will shut down its crypto exchange after nine years, the company said in a notice published Sept. 14, and users have until Dec. 22, 2026, to move their money out.

Assets left after that date pass to an independent custodian that charges 5% of the original balance every month, with claims accepted until Aug. 22, 2028. CoinEx says its reserve ratio is above 100% and all balances are fully backed.

Spot Trading Ends Sept. 29

New registrations stopped Sept. 15, and futures moved to reduce-only mode, letting traders close positions but not open them. Non-spot services end Sept. 22, and spot trading ends Sept. 29, when the exchange's CET token is repurchased at 0.005 USDT.

CoinEx Smart Chain and the OneSwap decentralized exchange close the same day, per the wind-down notice.

Taking on unlimited risks for limited revenue is no longer a rational choice.

Founder Haipo Yang said CoinEx never became a leading exchange and that security and compliance risks had grown harder to contain, according to multiple industry reports.

Sanctions Findings Trail the Wind-Down

CoinEx blamed compliance costs that it said "have exceeded reasonable boundaries." On June 25, blockchain analytics firm TRM Labs reported that wallets tied to sanctioned Iranian entities moved more than $3.8 billion through the exchange since 2019, including $2.7 billion traded with Nobitex, Iran's largest domestic exchange.

TRM put CoinEx's illicit share at 8%, against the 0.3% it sees at compliant venues. CoinEx disputed the analysis and denied any commercial relationship with Iranian exchanges or the government.

Crypto sleuth ZachXBT took the opportunity to take a final dig at the platform, blasting its "useless" team following its $55 million security breach in 2023 at the hands of North Korean cybercrime group Lazarus.

A Growing List of Shuttering Exchanges

The platform is the latest in a string of centralized exchanges closing their doors in 2026, joining the likes of AscendEX and BitMart.

FairGambling covered BitMEX's decision to close when it was announced in July, and that platform goes dark Sept. 23.

Whatever CoinEx users leave behind on Dec. 22 stays claimable for 20 months, at 5% a month.

Treat gambling as entertainment you pay for. 18+, and if it stops feeling like entertainment, help exists at BeGambleAware and GamCare.