CoinEx Crypto Exchange Shut Downs Citing Market Winter, Binance Founder CZ Reacts

CoinEx is winding down after nearly nine years, blaming a prolonged crypto slump, thinner trading liquidity, and rising compliance costs. The exchange says user funds remain fully backed and withdrawals will stay open until December, with Binance founder Changpeng “CZ” Zhao noting this cycle’s business closures have at least allowed users to withdraw their crypto assets.

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CoinEx Announces Shutdown Due to Prolonged Market Downturn, Rising Compliance Costs

In an official announcement on September 15, Hong Kong-based CoinEx revealed it has decided to stop crypto exchange operations and enter an orderly wind-down after a “prolonged downturn” in the crypto market. It added that shrinking trading volume as well as regulatory and compliance costs have “exceeded reasonable boundaries.”

Users have until December 22 to withdraw their crypto assets. New registrations, futures trading, and rewards to stop today, with non-spot services ceasing next week. Spot trading, CoinEx Smart Chain, and OneSwap shut down on September 29.

However, CoinEx Wallet and CoinEx Vault services continue separately. ViaBTC, a crypto mining pool linked to CoinEx, confirmed the shutdown has zero impact on ViaBTC’s mining services.

CEO Haipo Yang said CoinEx’s reserve ratio exceeds 100%. He considered selling the crypto exchange but chose a “clean ending,” adding that the security and compliance risks of running an exchange had become harder to contain.

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Binance Founder CZ and Community Reactions

The shutdown follows BitMEX, BitMart, AscendEX, and other business closures this year. The crypto market is becoming increasingly dominated by larger centralized and decentralized exchanges (DEX), with regulatory costs impacting smaller firms. Notably, traditional finance (tradFi) expanding into crypto trading, custody, and other services is also affecting exchanges such as CoinEx.

Binance founder Changpeng “CZ” Zhao said “At least, the few recent wind-downs during this winter have allowed users to withdraw their assets, a sharp contrast to the “QuadrigaCx styles” in the previous cycles.”

At least, the few recent wind-downs during this winter have allowed users to withdraw their assets, a sharp contrast to the "QuadrigaCx styles" in the previous cycles. https://t.co/Ah1mrxPriz

— CZ 🔶 BNB (@cz_binance) September 15, 2026

The crypto community is sad about the shutdown, as some noted the exchange supported many tokens. Meanwhile, some called an orderly wind-down the new minimum standard, not a victory.

CET token has surged by 7% to $0.00499 as CoinEx will buy back CET at its initial listing price of 0.005 USDT per token, with no cap on quantity. Trading volume has jumped by more than 500% over the past 24 hours.

To secure their assets before the December deadline, affected users can evaluate their options among the best crypto exchanges and apps for 2026 to ensure reliable liquidity and compliance.