CoinEx, a crypto exchange operating since December 2017, has announced its shutdown and the beginning of an orderly liquidation process. This is not a bankruptcy: according to the exchange’s announcement, its reserve ratio exceeds 100%, and all user assets are fully backed and can be withdrawn until December 22, 2026.

Farewell from the founder

Haipo Yang, the head of CoinEx, posted a personal announcement on X with a candid and calm tone. He acknowledged a reality that many small exchanges are facing: CoinEx did not become one of the industry leaders, and security and compliance risks are becoming increasingly difficult to control. “Revenue may decrease, but responsibility does not,” Yang wrote. “Taking infinite risks for finite revenue is no longer a reasonable choice.”

A notable point in the farewell is how Yang described CoinEx’s 9-year journey: “We may not have won the race, but we leave with honor”. The exchange survived multiple bull and bear cycles, witnessing countless projects and competitors exit the market, and now it is its turn—not because of losing user funds, but because the business equation is no longer balanced.

Closure schedule

CoinEx will shut down in phases:

  • September 15 closes new registrations and referral rewards.
  • September 22 ceases all non-spot services (futures contracts transition to liquidation-only mode)..
  • September 29 ceases spot trading.
  • December 22, 2026 closes completely, on the exact 9th anniversary of its launch.

Regarding CET, the exchange’s native token, CoinEx commits to buying it back at a price of 0.005 USDT per token, with no limit on quantity. This is the initial listing price when CET was launched.

Over 60 crypto companies closed in 2026

CoinEx is not an isolated case. According to statistics from Bitcoin.com, over 60 crypto companies and projects closed down or filed for bankruptcy in the first 7 months of 2026, including exchanges, blockchains, wallets, and DeFi projects. The wave began after Bitcoin retreated from its all-time high in October 2025, leading to a financial downturn, widespread layoffs, and stalled funding rounds.

In this context, CoinEx’s decision to close while still fully capable of paying back all users, rather than trying to hold out until exhaustion, is an end that few exchanges in crypto history have achieved. However, it also raises questions for other small and medium-sized exchanges: as compliance costs rise and trading volumes shrink, how many exchanges can sustain a business model with thinning profit margins?

For CoinEx users, the immediate action required is to withdraw assets before December 22, 2026. Tokens may take longer than usual to process as the exchange moves funds between cold and hot wallets, but according to the commitment, all withdrawal requests within the deadline will be processed.