CoinEx Shuts Down in December and Buys Back CET
The Hong Kong-based exchange cites weak volumes and higher compliance costs as the reason. Spot, futures, and CET settlement will continue in phases until the shutdown on December 22.
Key Takeaways
- CoinEx will fully shut down on December 22 after nine years, with new registrations already ending on Tuesday.
- The exchange cites a bear market, lower volumes, less liquidity, and higher compliance costs as reasons for the wind-down.
- CoinEx is buying back all CET tokens at 0.005 USDT each, above Tuesday's trading price.
CoinEx is ending its operations after nine years and will fully shut down the exchange on December 22. New user registrations will close on Tuesday, while the platform carries out the wind-down in phases.
The Hong Kong crypto company points to a prolonged bear market, falling trading volumes, and lower liquidity. CoinEx also says compliance costs have now climbed above a reasonable level.
Wind-Down in Multiple Steps
CoinEx will put futures contracts into reduce-only mode on Tuesday. After that, fiat, margin, loans, Earn, staking, and strategic trading will stop accepting new orders. On September 22, all of those non-spot services will end. Spot trading will close on September 29, along with the CoinEx Smart Chain and the decentralized exchange OneSwap.
The exchange says its reserve ratio is above 100% and that all user balances are fully covered. Withdrawals will remain open until December 22, even if other parts have already closed. Any USDT not withdrawn will then go into independent custody, and a monthly fee of 5% of the registered balance will be charged on it. Claims can still be submitted until August 22, 2028.
CET Holders Get a Buyout
Token holders are getting an exit above the market price. CoinEx is buying back all remaining CoinEx Token, CET, at 0.005 USDT each, with no limit on the amount and no extra conditions. CET traded on Tuesday at $0.00466 (€0.0040), about 7% below the buyback price and nearly 97% below its July 2018 peak of $0.15029 (€0.13).
CoinEx already left the U.S. market in 2023 after a settlement with New York Attorney General Letitia James. More than $1.1 million (€1 million) went back to investors in New York, and another more than $600,000 (€519,400) in fines was added on top. After that, the exchange was no longer allowed to offer its platform in that state.
What This Says About the Sector
The shutdown fits into a broader trend where smaller crypto exchanges are having a hard time. In 2026, BitMart, BitMEX, and AscendEX also stopped operating, while stricter rules and weaker trading volumes are increasing pressure on mid-tier platforms. For European readers, the big takeaway is that higher compliance requirements, such as MiCA, could push exchange costs even higher.
CoinEx also warned users not to trust anything that later appears in its name. According to the company, later messages such as new announcements, extra rules, or policy changes are fraudulent.
