Popular crypto exchange to shut down amid 'prolonged' downturn

The CoinEx crypto exchange is shutting down its operations after nine years, citing a "prolonged" crypto market downturn, shrinking trading activity and rising compliance costs across major jurisdictions.

The exchange said the wind-down will begin on Sep. 15, with services being withdrawn in stages before the platform closes completely on Dec. 22.

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Trading and deposit services will end in stages

CoinEx will immediately stop new user registrations, referral commissions and several new product subscriptions. Futures markets are moving into reduce-only mode, while no new orders will be accepted for margin trading, loans, staking, earn products and several other services.

All non-spot services are scheduled to end on Sep. 22. On-chain deposits will also close that day, with the exception of deposits in CoinEx Token, or CET, which will remain available until Sep. 29.

Spot trading is due to stop on Sep. 29. CoinEx will then repurchase all remaining CET held in customer accounts at 0.005 USDT per CET, without a quantity cap or additional eligibility requirements. CoinEx Smart Chain and OneSwap will also cease operations on the same date.