Overview
- CoinEx began a staged wind-down on Tuesday by stopping new registrations and setting futures to reduce-only, with non-spot services ending on Sept. 22 and spot trading scheduled to stop on Sept. 29.
- Users can withdraw funds until Dec. 22, 2026, after which any remaining USDT will move to an independent custodian that will charge a 5% monthly custody fee and accept claims through Aug. 22, 2028.
- The exchange says its reserves exceed 100% and will repurchase remaining CoinEx Token (CET) at 0.005 USDT per token through Sept. 29, with automatic conversion for any CET left after that date.
- CoinEx Wallet and CoinEx Vault are separate products and will continue to operate normally, while the centralised exchange services are wound down on the announced timetable.
- The shutdown follows prior regulatory and security episodes for CoinEx, including a 2023 New York settlement and a September 2023 hot-wallet theft, and reflects wider pressure on smaller exchanges from lower volumes and higher compliance costs.