CoinEx shuts down after nearly nine years

• CoinEx has begun an orderly shutdown after nearly nine years of operations.
• Spot trading will end on September 29, with withdrawals remaining open until December 22.
• The exchange cited weaker trading activity, lower liquidity and rising compliance costs for the closure.

CoinEx has begun an orderly shutdown after nearly nine years, with spot trading scheduled to end on September 29.

The exchange has cited a prolonged crypto market downturn, weaker trading volume and liquidity, and rising regulatory and compliance costs for the decision.

CoinEx has stopped new registrations and moved futures markets into reduce-only mode, preventing users from opening new positions.

All non-spot services are scheduled to end on September 22, while spot markets will remain available until September 29 before asset processing begins.

CoinEx will repurchase CoinEx Token (CRYPTO:CET) at 0.005 USDT per token through September 29, while withdrawals will remain open until December 22.

The exchange says user assets remain fully backed, with its reported reserve ratio above 100%, while CoinEx Wallet and CoinEx Vault will continue operating separately.

CoinEx said USDT (CRYPTO:USDT) left after the December 22 withdrawal deadline will enter independent custody and face a monthly custody fee equal to 5% of the recorded balance.