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TLDR Chainalysis found a 420% rise in onchain malware this year, with North Korea and Iran linked hackers behind most of the activity. CoinEx will shut down after nine years, citing falling trading volume and rising compliance costs. Metaplanet cut its Series 10 stock pool by 41% following backlash over an executive payout plan. India launched a tokenized bond pilot worth $107 million through its new Demat 2.0 system. Singapore Exchange became the first major Asian exchange cleared to offer Bitcoin and Ethereum perpetual futures to US institutions. Crypto news across Asia this week covers hacking, exchange closures, and new regulation. Several countries made moves that affect how digital assets are tracked, traded, and taxed.

State Hackers Fuel Malware Growth A new Chainalysis report found onchain malware jumped 420% this year. Most of the growth came from hackers linked to North Korea and Iran.

State linked groups made up about two thirds of the new malware activity. Chainalysis pointed to UNC5342, a North Korea linked group, as being behind activity on Tron, Aptos, and BNB Smart Chain.

Hackers are storing malware instructions directly on public blockchains. This makes campaigns harder to stop since the data stays accessible even after servers or websites get shut down.

In 2025, North Korean hackers used a method called EtherHiding to place crypto stealing code inside smart contracts. This year’s activity builds on that same approach.

Separately, NBC reported that North Korea is using remote workers from Iran and Lebanon to pass job interviews at US companies. North Korean operatives then take over the roles to earn money for weapons programs.

In South Korea, police referred 18 Polymarket users to prosecutors as part of an illegal gambling probe. The group had wagered a combined 17.6 billion won, worth about $12.7 million.

Authorities said Polymarket bets count as illegal gambling under South Korean law because outcomes cannot be predicted with certainty. Polymarket does not verify user identities.

Exchanges And Markets Shift Across Asia Hong Kong founded exchange CoinEx announced it will close after nine years. The company blamed weak trading volume during the bear market and higher compliance costs. Withdrawals stay open until December 22.

Metaplanet reduced its Series 10 stock pool by 41% after criticism over a plan to give executives up to 20% of shares. The change wipes out more than $220 million in warrant value and raises Bitcoin held per share by about 8.8%.

Industry figures in Hong Kong say the delayed CLARITY Act vote in the US gives the city a chance to attract crypto business. Analysts want Hong Kong to build infrastructure that works across borders rather than wait on US rules.

India rolled out a tokenized bond pilot through its securities regulator and central bank. Three companies issued a combined 10.25 billion rupees, about $107 million, using the new Demat 2.0 system linked to India’s digital currency network.

India’s Parliament also wrapped a year long review of crypto policy, with a government response due next week. The Enforcement Directorate said it wants to close economic crime cases tied to crypto within 18 months.

In Vietnam, Bitcoin Suisse plans to move up to half its Swiss jobs to Bratislava and Vietnam for back office work. Binance also signed an agreement to help build the Vietnam International Finance Center in Ho Chi Minh City.

Singapore Exchange got approval from the US Commodities Futures Trading Commission to offer Bitcoin and Ethereum perpetual futures to American institutions. Singapore’s High Court also issued a ruling on how to value crypto assets in legal claims.

Thailand’s securities regulator proposed a daily stablecoin transfer cap of 5 million baht, about $151,000. In Singapore, six Malaysian men were sentenced to up to nearly 13 years plus caning for a 2024 armed robbery involving crypto and cash. Fitch Ratings also named Malaysia one of the more crypto friendly Muslim majority nations after its regulator ruled Bitcoin, Ethereum, Ripple, and Stellar sharia compliant.

State hackers drive 420% surge in onchain malware, Chainalysis findsNorth Korean and Iran linked hackers were responsible for the majority of the 420% increase this year in malware on public blockchains according to a Chainalysis report. 

State-linked hackers accounted for roughly two-thirds of new activity whereby attackers stored malware instructions or infrastructure information on public blockchains.

Chainalysis also identified UNC5342, a North Korea linked group, to previously unattributed activity spanning Tron, Aptos and BNB Smart Chain.

Chainalysis said using public blockchains increases the durability of malware campaigns because the stored information remains accessible after domains, servers or code repositories are taken down. In 2025, North Korean hackers used a similar technique called EtherHiding to place crypto-stealing code in smart contracts.

North Korea using foreign talent to help infiltrate US companies: ReportNorth Korea (DPRK) is now using remote workers from third countries, including Iran and Lebanon, to pass job interviews, after which the positions are taken over by North Korean operatives. The aim is infiltrate US companies and obtain money to fund its weapons programs, NBC reported.

KOREA

Polymarket users referred to prosecutors in South Korea: ReportAuthorities said that Polymarket transactions constitute illegal gambling under South Korea’s Criminal Act because users stake assets on outcomes that cannot be predicted with certainty. 

HONG KONG

Metaplanet cuts Series 10 stock pool by 41%, plans Hong Kong subsidiaryAfter last week’s controversy over a plan to hand over as much as 20% of its fully diluted shares to executives, Metaplanet has now slashed the Series 10 stock pool.

Metaplanet will reduce the number of potential shares underlying the rights from 319.464 million to 188.19 million, and reset the conversion ratio to the level it was before its September 2025 international share offering.

The change will extinguish more than $220 million in warrant value and increase the company’s Bitcoin per fully diluted share by about 8.8%, according to Metaplanet.

CLARITY act failure is an opportunity for Hong Kong to seize ‘critical strategic window’The South China Morning Post says crypto industry insiders are urging Hong Kong policymakers to seize the opportunity opened up by the failure of the CLARITY vote in the US.

The delay has given Hong Kong a “critical strategic window” said Allen Ding, director of Bitfire Research. Shawn Yan, founder of Cregis Technology said the city should focus on “building infrastructure that can operate across regulatory boundaries, rather than waiting for any single jurisdiction to define the market for everyone.”

CoinEx to cease operation after 9 yearsThe Hong Kong founded exchange said falling trading volumes and liquidity during the bear market, along with rising regulatory and compliance costs, was responsible for the decision to shutter the business. Withdrawals remain open until Dec. 22.

INDIA

India launches tokenized bond pilot with $107M issuedIndia’s securities regulator and central bank have launched a tokenized corporate bond pilot, with three companies issuing a combined 10.25 billion rupees (about $107 million) through the new market infrastructure. 

The Securities and Exchange Board of India (SEBI) said Demat 2.0 allows corporate bonds to be issued and held as digital tokens on a distributed ledger owned by the country’s statutory depositories. The system connects to the Reserve Bank of India’s (RBI) wholesale central bank digital currency (CBDC) through its Unified Market Interface. 

Parliamentary committee wraps year long crypto reviewIndia’s Parliamentary Standing Committee on Finance has completed its hearings on cryptocurrency policy. The government will respond next week before the committee prepares and submits its report.

India’s Enforcement Directorate to beef up crypto investigationsIndia’s Enforcement Directorate aims to finalize economic crime investigations within 18 months and is beefing up its ability to track crimes involving cryptocurrencies.

VIETNAM

Bitcoin Suisse becomes Bitcoin Vietnam?Bitcoin Suisse plans to shift up to half of its Swiss jobs to Bratislava and Vietnam.

Founded in Zug in 2013, the company provides crypto trading, custody, staking and lending services. It will establish a new center in Vietnam to look after many of the back office and administrative roles.

Vietnam develops new crypto-asset monitoring mechanisms Vietnamese regulators are building a supervisory mechanism covering crypto asset service providers and investor transactions. It draws upon recommendations from the Financial Action Task Force (FATF).

Binance signs MOU to help develop Vietnam finance centerBinance, the world’s largest exchange, has signed an agreement to help develop the Vietnam International Finance Center in Ho Chi Minh City.

SINGAPORE

Singapore Exchange gets nod for US perpsSingapore Exchange has become the first major Asian TradFi exchange to get approval from the Commodities Futures Trading Commission to provide Bitcoin and Ethereum perpetual futures to US institutions.

Singapore’s High Court offers guidance for valuing crypto assetsA recent decision has provided a precedent for valuing crypto assets in claims that departs from the usual breach-date damage assessment principles according to law firm Reed Smith. “The court is unlikely to allow claimants to delay mitigation for years and then seek damages at a higher present-day market price,” it noted.

Six Malaysians jailed for crypto poker robberySix Malaysian men were sentenced in Singapore to hefty sentences up to 12 years and 11 months —plus 24 strokes of the cane — over a 2024 armed robbery involving crypto, cash, and luxury items.

THAILAND

Thailand SEC proposes 5 million baht daily stablecoin transfer capThailand’s SEC has proposed new stablecoin regulations that would prohibit users from transferring more than 5 million baht per day, worth around $151,000.

MALAYSIA

Malaysia is one of the more crypto friendly Islamic nationsAccording to Fitch Ratings Malaysia is one of the most crypto curious Muslim majority nations, with the local Securities Commission declaring Bitcoin, Ethereum, Ripple, and Stellar sharia-compliant.

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17h05 ▪ 5 min read ▪ by Lydie M.

Summarize this article with:

CoinEx will disappear on December 22, 2026, exactly nine years after its launch. The exchange started reducing its services on September 15 and now asks its users to withdraw their funds. Spot trading will stop on September 29. CoinEx explains its decision by the prolonged weakness of the crypto market, the drop in volumes and liquidity, as well as compliance costs that have become too burdensome.

In brief CoinEx will permanently close on December 22, 2026. Spot trading will end as of September 29. The exchange claims to have reserves exceeding 100% of its clients’ assets. CoinEx gives three months to its users New registrations are already closed. Since September 15, CoinEx no longer accepts new operations on several services, including lending, staking, or crypto margin trading. The schedule resembles the one followed this summer by BitMEX, which had announced its closure after eleven years of operation.

On September 22, CoinEx will stop all its services except crypto spot market. On-chain deposits will also be blocked, except for CET, the platform’s native token. One week later, on September 29, spot trading will stop as well. CoinEx Smart Chain and OneSwap are scheduled to close the same day. Users will then have nearly three months to withdraw their assets.

On December 22, withdrawals will be cut off and the crypto platform will close. CoinEx opened on December 22, 2017. The chosen date thus completes exactly nine years of operation.

CoinEx assures that its reserves cover over 100% of the assets held by its clients. This claim comes from the platform itself. Withdrawals must remain available throughout the closing period.

The CET will be bought back at 0.005 USDT The closure also raises the question of CET. The crypto platform chose a fairly straightforward solution: between September 15 and September 29, the exchange will buy back its token at 0.005 USDT per CET, its initial listing price. No volume limit is planned. CETs still present on accounts after this period will be automatically converted at the same price.

Founder and CEO Haipo Yang states that he considered selling CoinEx. He says he ultimately preferred to shut down the company rather than transfer the platform to a new owner.

To explain this exit, CoinEx cites several issues at once: a long-depressed market, declining volumes, weaker liquidity, and increasing regulatory requirements in several jurisdictions. Compliance costs and operational uncertainty would have eventually exceeded what the company deemed acceptable.

However, CoinEx is not leaving after just a few difficult months. The crypto exchange survived the 2018 bear market, the 2022 crash, and several periods of high volatility. It closes in 2026. And it is not alone.

Exchange closures multiply in 2026 BitMEX announced its departure in July. A few days later, BitMart also began the progressive closure of its platform. Bit.com had already started its own withdrawal earlier. CoinEx now joins the list.

More broadly, more than 100 crypto projects had already closed, filed for bankruptcy, or ceased operations in 2026, according to RootData data reported in August. Exchanges, crypto wallets, DeFi protocols, and blockchains are affected.

CoinEx is also carrying another recent case. In June, TRM Labs claimed to have identified 3.84 billion dollars of flows between the exchange and several sanctioned Iranian entities over more than seven years. CoinEx contested the existence of business relations with the Iranian government or the concerned platforms.

However, the platform does not present this case as the reason for its closure. Its official announcement primarily mentions the crypto market, volumes, liquidity, and compliance. For clients, the schedule is now more urgent than the reasons for leaving: September 22 for stopping non-spot services, September 29 for the end of trading, and December 22 for the last withdrawals. After this date, CoinEx will no longer be accessible.

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Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

In brief CoinEx will formally close on Dec. 22, 2026, nine years to the day after it launched, with new signups already halted and spot trading ending Sept. 29. Founder and CEO Haipo Yang said he rejected a sale in favor of a "clean ending," and CoinEx will repurchase its CET token at its original 0.005 USDT listing price with no cap. CoinEx joins BitMEX and BitMart in a wave of 2026 exchange closures, months after facing separate scrutiny over alleged Iran-linked crypto flows. Cryptocurrency exchange CoinEx said Tuesday it will cease operations and begin an orderly wind-down, closing the exchange on Dec. 22—nine years to the day after it went live in 2017. Users have until that deadline to withdraw their funds.

Founder and CEO Haipo Yang tied the decision to a mix of prolonged market weakness and mounting compliance demands. "The security and compliance risks of running a crypto exchange have become increasingly difficult to contain," Yang wrote on X, framing the closure as a deliberate exit rather than a forced one.

Myriad: Where does Bitcoin go next? Click to make your prediction.Yang said he seriously considered selling CoinEx but decided against it. He wanted what he called a "clean ending" for the platform's staff, users, and CoinEx token holders, rather than handing the exchange to a new owner.

The wind-down follows a fixed schedule. New account registrations and referral rewards stopped immediately, and futures trading moved into reduce-only mode.

Non-spot services shut down Sept. 22, spot trading ends Sept. 29, and withdrawals close for good on Dec. 22.

Holders of CoinEx's native token, which trades as CET, get a built-in off-ramp too. From Sept. 15 through Sept. 29, CoinEx will buy back the token at 0.005 USDT—its original listing price—with no cap on volume, then automatically convert any remaining balances at the same rate.

CoinEx said its reserve ratio sits above 100%, meaning user assets remain fully backed throughout the process. Its reported 24-hour trading volume was in the tens of millions of dollars around the time of the announcement, far below the largest global exchanges.

The closure adds CoinEx to a growing list of exchanges folding this year. BitMEX announced it would shut down its operations after 11 years, and BitMart followed days later, winding down its own nine-year run.

CoinEx's exit also comes months after separate scrutiny over its ties to Iran. TRM Labs alleged in June that more than $3.8 billion had flowed between CoinEx and dozens of sanctioned Iranian platforms over seven years, a claim the exchange denied at the time.

Withdrawals remain open until Dec. 22, 2026, when CoinEx formally shuts its doors for good.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Cryptocurrency exchange CoinEx will officially close on December 22, 2026, exactly nine years after its launch. The company stated that all new account registrations have already been halted and spot trading on the platform will end on September 29. Users are required to withdraw their funds before the final closure date.

Orderly wind-down and CET token buybackCoinEx founder and CEO Haipo Yang attributed the decision to ongoing market challenges and the increasing burden of regulatory and compliance requirements. Yang emphasized that operating a cryptocurrency exchange now involves heightened security and compliance risks, making continued operation unsustainable.

Yang stated that he received offers to sell CoinEx but ultimately opted for what he called a “clean ending” for both users and employees, rather than transferring the business to another owner. This approach, according to Yang, is intended to preserve trust in the platform’s history and provide certainty for its token holders.

Yang noted the difficulties of maintaining secure, compliant exchange operations, adding that the exchange’s closure was a strategic and voluntary decision.

CoinEx’s wind-down is structured in phases. New signups and referral programs have stopped immediately. Non-spot services ended on September 22, while spot trading is scheduled to conclude on September 29. Withdrawals will remain available until December 22, 2026.

The exchange will repurchase its CoinEx Token (CET) at the original listing price of 0.005 USDT from September 15 to September 29 without any restriction on the repurchase volume. After this period, remaining CET balances will be automatically converted at the same rate, offering an exit option to all CET holders.

CoinEx has confirmed its reserve ratio remains above 100%, ensuring that all user assets are fully backed throughout the closure process. At the time of the announcement, daily trading volumes were in the tens of millions of dollars, which is significantly lower than the largest cryptocurrency exchanges worldwide.

ServiceEnd DateNon-spot servicesSeptember 22, 2026Spot tradingSeptember 29, 2026WithdrawalsDecember 22, 2026Industry context and recent challengesCoinEx is joining several other exchanges ending their operations in 2026. Both BitMEX, a well-known derivatives trading platform, and BitMart, an established spot exchange, have announced their own closures this year after operating for 11 and nine years, respectively.

Earlier this year, CoinEx came under scrutiny regarding its alleged connection to cryptocurrency flows involving Iran. Blockchain analytics firm TRM Labs reported that over seven years, more than $3.8 billion moved between CoinEx and numerous sanctioned Iranian platforms. CoinEx denied any wrongdoing in response to these allegations.

Founded in 2017 by Haipo Yang, CoinEx grew to serve users worldwide, offering spot, futures, and token services. The scheduled closure marks a significant exit from the global market after nearly a decade in business.

Withdrawals will remain accessible to all users until the final closure on December 22, 2026, allowing ample time for customers to recover their funds.

Mini dictionary: TRM Labs: TRM Labs is a blockchain intelligence company that monitors digital asset transactions and reports on illicit activities, including compliance breaches and connections with sanctioned entities.

CoinEx stated that all user withdrawals remain open until the official closure in December 2026 and stressed that its reserve ratio ensures all assets are fully backed during the wind-down.

Cryptocurrency trading platform CoinEx is shutting down after nearly a decade in business, citing a long stretch of weak market conditions that made continued operations unsustainable.

The company, which went live on December 22, 2017, said it reached the decision after reviewing the industry’s reduced trading activity, thinner liquidity, and steadily rising compliance burdens across major markets.

Officials described those costs and uncertainties as having moved beyond a workable range, prompting an orderly exit rather than a sale or prolonged struggle to stay open.

The wind-down began on September 15, 2026.

From that date, CoinEx stopped accepting new accounts and ended referral payouts and other rewards.

Futures trading shifted to reduce-only mode, meaning traders could close existing positions but could not open new ones.

The platform also halted new activity in fiat services, margin trading, loans, earn products, staking, and strategy tools.

A week later, on September 22, remaining non-spot products are scheduled to stop.

On-chain deposits will close as well, aside from a short remaining window for CoinEx Token (CET) deposits through September 29.

Any futures contracts still open at that point are expected to be settled using index prices.

Spot trading is set to end on September 29. On the same day, leftover CET in user accounts will be bought back at a fixed rate of 0.005 USDT per token. CoinEx Smart Chain and the OneSwap platform will also go offline. N

on-USDT balances that have not been withdrawn by then may be converted.

Users have until 02:00 UTC on December 22, 2026, to withdraw funds.

CoinEx said its reserve ratio remains above 100 percent and that customer assets are fully backed.

After the deadline, leftover USDT is slated to move into independent custody, with a monthly fee equal to 5 percent of the original balance.

Claims on remaining assets may still be possible into 2028.

The company stressed that this announcement is its final official notice under the CoinEx name and warned that any later statements using the brand should be treated as fraudulent.

Related products such as CoinEx Wallet and CoinEx Vault were described as separate businesses that will continue operating.

Founder Haipo Yang said the platform never reached the top tier of global exchanges and that the security and regulatory risks of running a centralized venue had become harder to manage.

He considered selling the business but chose a clean close instead, noting that the shutdown date matches the anniversary of the exchange’s launch.

The exit adds to a difficult stretch for mid-sized crypto venues as trading activity remains subdued and licensing costs climb. For remaining customers, the immediate task is straightforward: move assets off the platform before the December cutoff.

Key Takeaways After nearly a decade in operation, CoinEx is permanently shutting down due to market challenges and escalating regulatory pressures The platform has already disabled new account registrations, futures contracts, and various trading services All users must complete fund withdrawals by December 22, 2026, before the exchange ceases all operations A buyback program offers CET token holders 0.005 USDT per token, representing a premium over current trading prices Funds remaining after the deadline will transfer to third-party custody with monthly maintenance fees of 5% On Tuesday, CoinEx—currently ranked as the 33rd largest cryptocurrency exchange by daily volume—revealed its decision to permanently close operations following nine years in the digital asset industry. The platform attributed this move to declining market activity, reduced liquidity across markets, and mounting expenses related to regulatory compliance.

CoinEx to Shut Down After Nearly Nine Years as Crypto Slump, Compliance Costs Bite

CoinEx said it will wind down operations after nearly nine years, citing a prolonged crypto-market downturn, shrinking trading volumes and liquidity, and rising regulatory and compliance costs… pic.twitter.com/WDMqwx4UjL

— Wu Blockchain (@WuBlockchain) September 15, 2026

In a statement shared on X (formerly Twitter), Chief Executive Officer Haipo Yang acknowledged that the platform fell short of its ambition to become a top-tier industry player. Yang emphasized that managing security threats and navigating compliance requirements had become increasingly unsustainable for the operation.

Factors Behind the Shutdown Decision According to the official announcement, CoinEx faced mounting challenges from an extended cryptocurrency market slump that significantly reduced trading volumes and market liquidity industry-wide. The financial burden of meeting regulatory standards across multiple jurisdictions ultimately exceeded what the exchange’s business model could support.

The platform’s regulatory challenges aren’t new. In 2023, CoinEx withdrew from U.S. markets after reaching a settlement agreement with New York State’s Attorney General. Under that agreement, the exchange returned approximately $1.1 million to affected New York residents and paid over $600,000 in penalties to state authorities. The settlement also permanently prohibited CoinEx from conducting business within New York State.

CoinEx’s closure reflects a broader industry pattern of exchange shutdowns. AscendEX discontinued services on July 1, citing inability to comply with the European Union’s Markets in Crypto-Assets Regulation alongside the collapse of a critical liquidity partnership. BitMEX announced it will terminate operations on September 23 after more than a decade of service. BitMart similarly ended its operations earlier this year.

The exchange first launched in December 2017 as a project by cryptocurrency mining pool operator ViaBTC. At the time of its closure announcement, CoinEx reported approximately $58 million in 24-hour trading volume.

Timeline and Process for Existing Users Beginning Tuesday, CoinEx immediately suspended new account creation, referral bonus programs, and rewards distribution. The platform transitioned all futures positions to reduce-only status, preventing new contract openings. Services including fiat currency transactions, margin trading, lending programs, staking options, and automated trading strategies no longer accept new positions.

Starting September 22, the exchange will terminate all services beyond spot trading, including blockchain deposits. The spot trading marketplace will shut down on September 29, alongside the CoinEx Smart Chain network and the OneSwap decentralized exchange platform.

The final withdrawal deadline falls on December 22, 2026. CoinEx has assured users that its reserve ratio remains above 100%, guaranteeing full backing for all customer balances held on the platform.

Should any USDT balances remain unclaimed after the December deadline, those funds will transfer to an independent third-party custodian. This custodial service will assess a monthly management fee equivalent to 5% of the recorded balance. Users will maintain the ability to submit withdrawal claims through August 22, 2028.

For holders of the platform’s native token, CoinEx announced an unlimited buyback program for all CoinEx Tokens (CET) at a fixed price of 0.005 USDT per unit. This buyback rate exceeds Tuesday’s market price of approximately $0.00466 per token, offering holders a slight premium over spot market values.

Importantly, both CoinEx Wallet and CoinEx Vault products remain unaffected by the exchange closure and will maintain normal operations as separate services.

In its final message to the community, the exchange expressed gratitude: “Thank you for your trust and support in the past nine years.”

CZ Praises Orderly CoinEx Wind Down as Exchange Plans Closure

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.

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.

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.

CoinEx announces 3-month shutdown, promises 100% user fund withdrawals

Popular Hong Kong-based exchange CoinEx has announced plans to cease operations and begin an orderly wind-down, with the exchange still holding a substantial amount of Shiba Inu in its reserves.

According to data from Arkham Intelligence, CoinEx held 442,792,693,142 (442.793 billion) Shiba Inu in the hours leading up to press time. At SHIB’s current price of around $0.0000052, the holdings are worth $2.29 million, making Shiba Inu the 10th-largest asset in CoinEx’s portfolio.

CoinEx Shiba Inu Holdings The size of CoinEx’s remaining SHIB holdings is notable given the exchange’s long history with the token. CoinEx was among the early centralized exchanges to list SHIB and its ecosystem token BONE, adding support for the token in May 2021 as Shiba Inu expanded rapidly across cryptocurrency trading platforms.

CoinEx’s SHIB Holdings Have Declines However, CoinEx’s SHIB holdings have fallen considerably since then. In December 2022, the exchange held approximately 1.69 trillion SHIB in its reserves.

Therefore, its current balance of 442.793 billion SHIB represents a 73% reduction from those levels. Despite the decline, CoinEx has continued to maintain meaningful exposure to Shiba Inu and has promoted the token through various campaigns over the years, including highlighting SHIB among the strongest weekly performers.

Besides Shiba Inu, CoinEx also holds major assets such as Bitcoin, Ethereum, Dogecoin, USDT, and Solana.

CoinEx Sets December 22 Closure Date The development comes as CoinEx prepares to permanently shut down its exchange operations. In an announcement today, the exchange cited the prolonged cryptocurrency market downturn, declining trading volumes and liquidity, rising regulatory requirements, increasing compliance costs, and operational uncertainties as factors behind the decision.

CoinEx also assured users that their assets remain fully backed, stating that its reserve ratio exceeds 100%. Under the announced schedule, CoinEx will stop new registrations and several trading services on September 15. 

Non-spot services will end on September 22, while spot trading will cease on September 29. However, the exchange will keep withdrawals available until December 22, 2026, when it will officially cease operations.

CEO Comments  In a separate statement, CoinEx CEO and founder Haipo Yang disclosed that the exchange will buy back CET at its initial listing price of $0.005 per token with no quantity limit, giving holders a clear exit as the exchange winds down.

The founder also revealed that he considered selling CoinEx but ultimately rejected the idea, arguing that users had entrusted their assets to the platform based on their trust in him. Instead, he chose what he described as a clean and responsible closure that allows users to withdraw their funds, employees to receive a dignified farewell, and CET holders to receive a final resolution. 

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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The exchange says its reserves exceed 100% and that it will buy back its CET token at its 0.005 USDT listing price, as closures pile up across the industry.

CoinEx shuts down, gives users until December 22 to withdraw

Original Image Credit: Kryuchka Yaroslav / Shutterstock.com

Posted September 15, 2026 at 7:32 am EST.

Crypto exchange CoinEx said it will cease operations and begin an orderly wind-down, telling users in a Sept. 15 announcement that the platform will close for good on Dec. 22, 2026, nine years to the day after it went live.

The exchange blamed a “prolonged downturn in the cryptocurrency market,” a contraction in industry-wide trading volume and liquidity, and compliance costs it said “have exceeded reasonable boundaries.” CoinEx said its asset reserve ratio is over 100%, that all user assets are fully backed, and that withdrawal channels will stay open through the December deadline.

Services Stop in Stages New registrations and reward payouts ended Sept. 15, futures moved into reduce-only mode, and the exchange stopped accepting new fiat, margin, loan, Earn, staking and strategy orders. Non-spot services end Sept. 22. Spot trading stops Sept. 29, along with CoinEx Smart Chain and the OneSwap decentralized exchange. CoinEx Wallet and CoinEx Vault operate independently and are unaffected.

CoinEx will repurchase all CET left in user accounts at the token’s initial listing price of 0.005 USDT, with no quantity limit. Users who leave USDT on the platform past Dec. 22 will have it moved into independent custody and charged a monthly fee equal to 5% of the original balance recorded at the end of the withdrawal period, with claims accepted by email until Aug. 22, 2028.

A Founder Who Refused to Sell Founder and CEO Haipo Yang said in a letter that he seriously considered selling CoinEx and decided against it. “Users entrusted their assets to CoinEx because they trusted the platform and, in many cases, trusted me personally,” he wrote. “A clean ending is the right ending.”

“CoinEx did not become one of the industry’s leading exchanges, and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain,” Yang wrote. He added: “Carrying unlimited risk for limited revenue is no longer a rational choice.”

CoinEx pulled out of the U.S. market in 2023, announcing the withdrawal in response to a New York attorney general lawsuit it went on to settle for more than $1.7 million.

The exchange was most recently clearing $72.2 million in 24-hour volume, according to CoinGecko. It follows BitMEX and BitMart, which both announced closures in July. BitMart’s has been contentious: customers reported withdrawals still pending despite assurances, and distressed-asset firm Echo Base has formed a claimholder committee and weighed forcing the exchange into bankruptcy.

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

Related Listen: Why the AI Business Model Is Cracking and How Crypto Could Help Fix It

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Bitcoin, the world's largest cryptocurrency, has languished near two-year lows of around $60,000 for months, after slumping roughly 50% from its October 2025 peak of nearly $130,000PUBLISHED: Tue 15 Sept 2026, 7:18 PMBy: ReutersHong Kong-based crypto exchange CoinEx said on Tuesday that it has decided to cease operations, as a prolonged downturn in digital assets shakes up the sector and squeezes out smaller players.

Bitcoin, the world's largest cryptocurrency, has languished near two-year lows of around $60,000 for months, after slumping roughly 50% from its October 2025 peak of nearly $130,000.

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A recent rebound triggered by fears of dollar debasement also proved to be fleeting amid uncertainties over a potential Federal Reserve rate hike and the U.S. Clarity Act, a key crypto bill.

Prolonged weakness in the cryptocurrency market, a contraction in overall trading volume and liquidity, and continuously rising regulatory requirements across major jurisdictions have all "exceeded reasonable boundaries", CoinEx said in a statement on Tuesday, adding that it had decided to cease operations and begin an orderly wind-down process.

CoinEx said it will gradually cease services from September 15, 2026, and withdrawal services will remain available till December 22.

Average daily bitcoin spot trading volume fell to about $2.2 billion in July, its lowest since November 2023, before dropping further to around $1.8 billion in August, suggesting participation had fallen to near three-year lows, according to ChainUp Investment, a digital asset manager.

"Volumes in crypto markets have been so anemic that there's probably no money to be made and so operations aren't sustainable," said Justin d’Anethan, head of research at Arctic Digital, a private markets advisory firm.

"There's just been way less trading activity than prior years ...(Exchanges) are getting eaten by other trades and sectors, such as AI, and by decentralised exchanges."

CoinEx said it maintained an asset-reserve ratio of more than 100% and all user assets were fully backed and available for withdrawal in full.

The cryptocurrency market continues to experience a decline. Many exchanges and crypto projects are deciding to shut down, with the latest news coming from the CoinEX exchange.

In this context, CoinEx, one of the well-known and long-standing exchanges in the crypto sector, announced its decision to cease operations after nine years.

In an official statement, the exchange announced it would begin a phased shutdown and closure process starting September 15. CoinEx cited the prolonged stagnation in the cryptocurrency market, declines in trading volume and liquidity across the sector, increasing regulatory requirements, and compliance costs as reasons for the decision.

Services Will Be Ended Gradually! CoinEx has also announced the schedule for the exchange’s closure process. New user registrations will cease on September 15th, and the futures markets will enter a “Reduce-Only” mode.

Futures trading, staking, lending, and other non-spot services will cease on September 22nd. Spot trading will be discontinued on September 29th. CoinEx Smart Chain and OneSwap services will also end operations on the same date.

Users will be given approximately three months to withdraw their assets during the closure process. CoinEx has stated that withdrawal services will remain open until December 22, 2026, after which the exchange will officially cease operations.

The exchange also stated that all user assets are backed by reserves, with an asset-to-reserve ratio exceeding 100%. Users were urged to withdraw their assets before the deadline, taking into account potential network congestion and transaction delays.

Buyback for CET Holders! CoinEx has announced a special arrangement for its native token, CET. Between September 15th and 29th, a buyback will be offered at a price of 0.005 USDT per token in the CET/USDT pair. Any remaining CET in user accounts will be automatically repurchased at the same price on September 29th.

CZ Comments on the Closure Decision! Changpeng Zhao, co-founder of Binance, the world’s largest cryptocurrency exchange, said that CoinEx’s closure was different from past exchange crashes.

CZ pointed out that CoinEx guarantees users will be able to withdraw their assets, noting that some exchanges that closed during the recent cryptocurrency downturn at least allowed users to withdraw their funds, but this was not the case with QuadrigaCX, the Canadian cryptocurrency exchange that went bankrupt in 2019 and blocked customer funds.

*This is not investment advice.

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CoinEx will wind down its crypto exchange beginning September 15 and fully cease operations on December 22 amid a prolonged market downturn that has reduced trading activity and pressured industry businesses.

In a statement issued on Sept. 14, the company said the decision was made due to weaker market conditions, declining industry trading activity and liquidity, higher regulatory requirements, and rising compliance and operational costs.

https://t.co/evNt1C9XQ6

— CoinEx Global (@coinexcom) September 15, 2026

CoinEx maintains reserves above 100% and that users can withdraw their assets in full during the wind-down period, the exchange stated.

As noted, the platform will stop accepting new registrations and new subscriptions or orders for fiat, margin trading, loans, Earn, staking and strategic trading on September 15. Non-spot services will end on September 22, while spot trading will cease on September 29.

CoinEx will also shut down CoinEx Smart Chain and OneSwap and repurchase all remaining CET in user accounts at 0.005 USDT per CET.

The exchange added that withdrawal services will remain open through December 22 despite the shutdown of other services and urged users to withdraw early. After the deadline, unwithdrawn USDT will be moved into independent custody and incur a monthly custody fee equal to 5% of the original asset balance.

CoinEx said its Wallet and Vault products are separate from the exchange and will remain operational.

CoinEx’s planned closure will bring its nine-year operating history to an end. Founded in December 2017 by Haipo Yang, an early Bitcoin investor and ViaBTC Pool founder, the Seychelles-based exchange is part of a crypto ecosystem that includes the ViaBTC mining pool, CoinEx Smart Chain and related wallet and infrastructure services.

Its exit comes as several crypto companies wind down their operations. BitMEX, co-founded by Arthur Hayes, will shut down by the end of this month following 11 years of operations.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Crypto exchange CoinEx said it is winding down operations, citing a prolonged crypto market downturn, sinking trading volumes and liquidity, and rising regulatory and compliance costs, according to an announcement on Tuesday.

As part of the wind-down, CoinEx will halt new user registrations, referral commissions and other rewards. Futures contracts will enter a “Reduce-Only” mode. CoinEx will also stop accepting new orders or subscriptions across its fiat, margin trading, lending, earn, staking and strategic trading services.

“After much reflection, I have come to accept a hard truth. CoinEx did not become one of the industry’s leading exchanges, and the security and compliance risks of running a crypto exchange have become increasingly difficult to contain,” CoinEx CEO Haipo Yang said in a post on X.

The closure adds to a wave of crypto exchanges that have ceased operations this year for similar reasons, including BitMart, BitMEX and AscendEX.

From Sept. 22, CoinEx will discontinue all non-spot services and onchain deposits, with the exception of CET deposits.

From Sept. 29, all spot trading services will be discontinued, and non-USDT assets will be processed.

From Dec. 22, the withdrawal period will end, and the platform will cease operations. Any unwithdrawn USDT will be transferred to an independent custodian, which will incur a monthly custody fee.

CoinEx will also buy back CET at its initial listing price of 0.005 USDT per token, a slightly higher price than it was on Monday before the announcement.

CoinEx Wallet and CoinEx Vault will remain fully operational, as they operate independently of the exchange.

CoinEx was launched in December 2017 by crypto mining pool ViaBTC. The crypto exchange is ranked 33rd with $58 million in 24-hour trading volume, according to CoinMarketCap.

“To every user who has trusted and supported us over the past nine years, thank you for your trust and support in the past nine years. Thank you for being part of our journey.”

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Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

CoinEx has begun a staged shutdown after nearly nine years, with spot trading ending Sept. 29 and withdrawals closing Dec. 22, 2026.

Summary

CoinEx will stop spot trading September 29 and close platform withdrawals on December 22, 2026. Futures entered reduce-only mode September 15, while all non-spot services end September 22 across CoinEx. CoinEx will repurchase remaining CET at 0.005 USDT before automatic conversion begins on September 29. Unwithdrawn USDT will face a 5% monthly custody fee after the December 22 deadline passes. CoinEx Wallet and CoinEx Vault will continue operating separately from the exchange shutdown process globally. CoinEx said in its Sept. 14 cessation notice that new registrations would stop on Sept. 15 as futures markets entered reduce-only mode, preventing traders from increasing existing positions or opening new ones. The exchange said it made the decision after a prolonged crypto downturn, weaker industry trading activity and liquidity, and rising regulatory and compliance costs. CoinEx’s official cessation notice

CoinEx shutdown starts with trading restrictions From Sept. 15, CoinEx stopped new registrations, referral rebates and new subscriptions or orders across fiat services, margin trading, loans, Earn, staking and strategic trading. Existing futures positions can still be reduced before derivatives services end on Sept. 22, when open positions remaining on the platform are scheduled for forced settlement using index prices.

ViaBTC provided a separate operational confirmation on Sept. 15, saying it will discontinue its “Withdrawal to CoinEx” feature on Sept. 22 because of business changes at its exchange partner. ViaBTC told users with automatic withdrawals to CoinEx to replace the destination address before the feature closes. ViaBTC’s Sept. 15 service notice

On Sept. 22, the exchange plans to stop futures, fiat, margin, lending, Earn, staking, strategic trading and its OnChain service. Most on-chain deposits will stop the same day, while CET deposits remain available through Sept. 29. Spot markets are scheduled to remain open until Sept. 29, when unfilled spot orders will be canceled.

CoinEx cites lower liquidity and compliance costs In the shutdown notice, CoinEx attributed its exit to a prolonged market downturn, contracting trading volume and liquidity, and rising rules across major jurisdictions. The company said compliance costs and “operational uncertainties” had reached levels it no longer considered reasonable. The notice did not name a regulator, lawsuit or court order as the immediate trigger for the closure.

The exchange had continued updating products and infrastructure only days before the exit announcement. On Sept. 9, CoinEx announced a futures server upgrade scheduled for Sept. 10, describing the work as a trading-experience update. One day later, it announced the delisting of 14 tokens, including MLN, XEM, GENSYN, FIDA and LISTA, under its normal asset-review process.

CoinEx has said user balances remain fully backed and that its asset reserve ratio exceeds 100%. Its proof-of-reserves system uses published wallet information and a Merkle tree that allows users to check whether account balances were included in a reserve snapshot. An August 2026 update displayed on CoinEx’s CET page said covered assets remained above 100% reserve ratios. The reserve figures are CoinEx disclosures. CoinEx’s reserve verification method

CET conversion and withdrawal deadlines shape asset exit Spot trading is due to stop Sept. 29, when CoinEx will begin processing non-USDT balances. Assets with external market liquidity may be sold in batches and converted to USDT using net sale proceeds, while users holding assets without outside liquidity are being told to withdraw them before the cutoff if they want to keep the tokens in their original form.

The exchange set 02:00 UTC on Sept. 29 as the deadline for users who want to withdraw assets before that conversion process begins. CoinEx said assets without external liquidity may be delisted and their wallets will no longer be maintained after processing starts.

CET, the platform token used across the CoinEx ecosystem, has a separate exit process. CoinEx plans to maintain a 0.005 USDT buy order for CET through Sept. 29 and waive trading fees on CET/USDT during the repurchase window. Any CET still held in user accounts after the window is scheduled for automatic repurchase at the same price.

BeInCrypto reported CET trading around $0.00466 on Sept. 15, slightly below the announced 0.005 USDT repurchase level. CoinEx Smart Chain and OneSwap are scheduled to stop operating on Sept. 29, while the CSC cross-chain bridge redemption window will end at the same time.

Withdrawals from the exchange remain available until 02:00 UTC on Dec. 22. CoinEx said USDT left after the withdrawal period will move into independent custody and will incur a monthly custody fee equal to 5% of the original balance recorded at the deadline. Users may later submit claims, with the company setting Aug. 22, 2028 as the final claims date.

Regulatory and security history preceded the final wind-down CoinEx had already withdrawn from the U.S. after a 2023 settlement with the New York Attorney General. The agreement required $1,172,971.50 in refunds for 4,691 New York investors and $626,133.88 in monetary relief to the state, while restricting the platform from serving New York customers and opening new U.S. accounts. The New York Attorney General’s settlement announcement

As crypto.news reported at the time, the settlement followed a New York lawsuit over the platform’s failure to register as a securities and commodities broker-dealer. The Sept. 2026 shutdown notice does not state that the earlier case caused the present closure.

In June 2026, CoinEx faced fresh scrutiny after a Wall Street Journal report linked $3.84 billion in transactions to Iran-related entities. CoinEx disputed the interpretation, saying it had no commercial relationship with Iranian government-linked entities and that transaction flows through an exchange did not prove knowledge or support. The company said it strengthened geo-fencing, sanctions screening, know-your-customer checks and transaction monitoring  In related crypto.news coverage

Security researchers had examined CoinEx before the shutdown for a separate reason. SlowMist recorded an estimated $70 million loss from a September 2023 hot-wallet private-key compromise and said the attacker appeared connected to wallets used in the Stake.com and Alphapo hacks. SlowMist’s incident record

Elliptic independently said blockchain activity supported suspicion that North Korea’s Lazarus Group was behind the theft after stolen CoinEx funds moved through addresses connected with earlier Lazarus activity. Elliptic’s blockchain analysis

CoinEx rebuilt its wallet system after the breach and resumed deposits and withdrawals for major assets later that month. As previously reported by crypto.news, the exchange replaced deposit addresses while restoring services after the attack.

CoinEx Wallet and Vault stay outside the exchange closure The exchange shutdown does not cover CoinEx Wallet or CoinEx Vault. CoinEx said both products are separate business services and will continue operating under their own service terms after trading, deposits and withdrawals on the centralized exchange have ended.

CoinEx Wallet’s support site remained active on Sept. 15, while its service terms retain sanctions-related access restrictions.

CoinEx Vault, launched as a custody product for institutions and large asset holders, is likewise excluded from the exchange cessation schedule. CoinEx previously described Vault as an independently structured custody service for enterprises, DeFi projects and professional asset holders.

Hong Kong-based crypto exchange ​CoinEx said ‌on Tuesday it has decided ​to cease ​operations, citing 'prolonged downturn' ⁠in the ​cryptocurrency market and ​the rising regulatory requirements in the ​industry.

CoinEx ​said it maintained an ‌asset ⁠reserve ratio of more than 100% and ​all ​user ⁠assets were fully ​backed and ​available ⁠for withdrawal in full.

CoinEx is winding down its exchange through December 22, with trading services ending in stages. Founder Haipo Yang says continuing to carry security and compliance risks no longer made economic sense. CoinEx considered selling the business but chose an orderly closure instead. The exit shows how a crypto exchange can become commercially unviable even without an immediate solvency crisis. CoinEx is shutting down its centralized exchange, with founder Haipo Yang pointing to an increasingly difficult equation for smaller trading platforms: revenues have weakened while the cost and liability attached to custody, security and regulatory compliance have not.

CoinEx Is Closing in Stages The wind-down is designed to give users several months to close positions and remove assets rather than ending trading and withdrawals simultaneously.

The main deadlines are:

September 15: New user registrations stop, while futures trading moves into reduce-only mode. September 22: Futures, margin, lending, Earn and staking services are scheduled to end. September 29: Spot trading closes, alongside CoinEx Smart Chain and OneSwap. December 22: CoinEx ends withdrawals and formally closes the exchange. CoinEx is also buying back remaining CET at 0.005 USDT per token, its original listing price. Users who leave

USDT on the platform beyond the final withdrawal deadline face a monthly custody charge equal to 5% of the original balance.

CoinEx Wallet and CoinEx Vault are separate from the exchange wind-down and are expected to continue operating.

Why Close an Exchange That Says Its Assets Are Backed? The important part of the CoinEx story is what apparently did not cause the closure.

CoinEx says its reserve ratio remains above 100% and that customer balances remain fully backed during the withdrawal period.

https://t.co/evNt1C9XQ6

— CoinEx Global (@coinexcom) September 15, 2026

If that holds throughout the wind-down, this is materially different from an exchange shutting because it cannot satisfy customer withdrawals.

Instead, Yang has described a business whose economics no longer adequately compensate for its risks.

Trading revenue is highly sensitive to market activity. When volumes and liquidity decline, transaction-fee income falls with them. But a centralized exchange cannot reduce its responsibilities at the same rate.

It must continue protecting customer assets, maintaining cybersecurity systems, supporting withdrawals, managing liquidity and satisfying increasingly complex regulatory requirements across the jurisdictions in which it operates.

That creates a fixed-cost problem. A large exchange can spread much of that expense across enormous trading volumes and a broader customer base. A smaller platform has fewer transactions over which to distribute the same types of operational costs.

CoinEx eventually concluded that the balance was no longer attractive enough to continue.

Yang Considered Selling CoinEx Instead Closing was not the only option.

Yang said a sale had been considered, which could have allowed the CoinEx platform and customer base to continue under different ownership.

He ultimately rejected that route because selling an exchange is not equivalent to selling an ordinary software business. The transaction would also hand another operator responsibility for users who had deposited assets with CoinEx.

That decision helps explain why the shutdown is being spread across several months. Rather than transferring those relationships to a buyer, CoinEx is attempting to return assets and unwind the business while it says it still has the resources to meet customer claims.

It also changes the interpretation of the closure. The company is not waiting for its financial position to deteriorate to the point where an orderly exit becomes impossible.

Smaller CEXs Are Being Squeezed From Both Sides CoinEx’s problem also illustrates where mid-sized centralized exchanges increasingly sit within the crypto market.

At one end are the largest global CEXs. Their scale brings deeper liquidity, greater brand recognition and substantially more trading activity from which to generate fees.

At the other are decentralized exchanges, where users can trade directly from self-custodied wallets without placing assets under the custody of a centralized operator.

Smaller CEXs retain the expensive characteristics of the centralized model, including custody, cybersecurity infrastructure and regulatory compliance, without necessarily having the scale advantages of the market leaders.

That makes trading volume more important than a simple ranking metric. It determines how effectively an exchange can absorb costs that remain even during weak periods.

Regulation adds another pressure. Operating across multiple markets can require separate registrations, compliance teams, reporting systems and controls. Those expenses can become disproportionately burdensome when transaction revenue contracts.

Solvent Does Not Necessarily Mean Sustainable That distinction is what makes the CoinEx closure more significant than another exchange disappearing during a weak market.

An exchange can have enough assets to satisfy customer balances and still conclude that continuing the business is no longer worth the operational, regulatory and security exposure involved.

For CoinEx users, the immediate issue is straightforward: positions need to be closed according to the September schedule and assets withdrawn before December 22.

For the wider exchange market, the more important question is whether CoinEx is an isolated case or an early example of further consolidation among smaller centralized platforms.

If liquidity continues concentrating around the largest CEXs and onchain venues while compliance and custody costs remain high, the pressure may not first appear as insolvency. Some exchanges may simply determine, as CoinEx has, that remaining open no longer produces enough return for the risk they are carrying.

CoinEx said it will cease operations by December, attributing the decision to a prolonged crypto market downturn, shrinking trading volume and liquidity, and compliance costs it says have exceeded reasonable limits. The exchange announced the shutdown on its official X account, framing it as its final legitimate communication under the CoinEx name and warning that any further announcements bearing its brand should be treated as fraudulent.

https://t.co/evNt1C9XQ6

— CoinEx Global (@coinexcom) September 15, 2026 The wind-down follows a staged timeline. New user registrations halted and futures trading entered reduce-only mode on September 15. All non-spot services, including margin, staking, loans and fiat channels, will end on September 22. Spot trading closes on September 29, at which point CoinEx will repurchase all outstanding CoinEx Token (CET) at a fixed rate of $0.005 per token, with no caps or conditions attached. Users have until December 22 to withdraw remaining balances.

CoinEx said its reserve ratio exceeds 100% and that user assets are fully backed, meaning customers should be able to withdraw in full ahead of the deadline. Funds left unclaimed after December 22 will move into independent custody, where USDT balances will accrue a 5% monthly fee. Claims on any remaining assets can still be filed through August 2028.

CoinEx launched in 2017 and built a reputation as a mid-tier exchange serving retail traders across Asia, though it never reached the scale of Binance or OKX. Its closure comes two months after BitMEX announced its own shutdown after eleven years of operation, ending its services by late September. Both exchanges pointed to compliance costs as a central factor, a pattern likely to recur as regulators in major markets tighten licensing requirements for offshore platforms and push trading volume toward exchanges built to absorb the cost of meeting them.

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Sen. Elizabeth Warren (D-Mass.) expressed concerns on Sunday over the potential misuse of cryptocurrencies by America’s adversaries.

Warren Says Crypto Legislation Will Make The Problem WorseWarren cited a Wall Street Journal report on X detailing how Iran-affiliated entities moved billions in transactions through CoinEx, a cryptocurrency exchange that withdrew from the U.S. after a 2023 lawsuit.

“More evidence that our adversaries exploit crypto to move billions,” the senior lawmaker said.

Warren argued that the cryptocurrency legislation, i.e., the Clarity Act, would make the problem “worse” by creating new loopholes and urged Congress to strengthen the bill before passage.

CoinEx Serving As A Conduit?The WSJ report noted that CoinEx has played a “growing role” in connecting Iran’s cryptocurrency operations to the global markets, with wallets hosted by the exchange moving more than $3.84 billion over the last 7 years.

The wallets received hacked cryptocurrency that originated with Iran’s Central Bank and were used to transact directly with accounts U.S. officials have since linked to the Islamic Revolutionary Guard Corps, the report said.

In 2023, CoinEx was sued by New York Attorney General Letitia James for allegedly conducting business without proper registration in the state of New York.

The exchange didn’t immediately return Benzinga’s request for comment.

Iran Using Crypto To Bypass Sanctions?Warren has repeatedly flagged concerns that cryptocurrency exchanges are helping move money into and out of Iran.

Nobitex has been under increased scrutiny from U.S. regulators and policymakers for its continued operations during wartime. The platform reportedly handles about 70% of Iran’s cryptocurrency activity and claims to serve roughly 11 million users.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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