Crypto exchange CoinEx has officially announced the cessation of its operations on December 22, 2026. The shutdown marks the end of its business journey since first launching in December 2017. The decision to step down comes months after heightened scrutiny surrounding the exchange’s ties to Iran, when TRM Labs claimed that more than $3.8 billion flowed between CoinEx and dozens of sanctioned Iranian platforms.
CoinEx founder and CEO Haipo Yang cited a prolonged market downturn and legal challenges as primary reasons. According to Yang, the security and compliance risks of operating a crypto exchange have become increasingly difficult to manage. Yang previously considered selling the platform to a third party, but the offer was ultimately rejected. He chose a clean shutdown path deemed safer for staff, users, and CET token holders. At the time of the announcement, the platform’s 24-hour trading volume hovered in the tens of millions of dollars, trailing far behind other major global exchanges.
Shutdown Timeline and the Fate of CET Tokens
The exchange’s sunsetting process is organized into several phases. New user registrations and referral rewards were halted immediately on the announcement date, while futures instruments transitioned to reduce-only mode. Non-spot services are scheduled to close on September 22, followed by the halt of spot trading on September 29. Users have a window to withdraw all their funds until the final deadline on December 22. Management also provided a statement certifying an asset reserve ratio above 100%, assuring that customer funds remain fully backed throughout the transition period.
For holders of the native CET token, the exchange has introduced a buyback mechanism set at 0.005 USDT. That figure matches the opening price when the token was first listed on the market. The buyback period runs without volume limits from September 15 to September 29. If customers still hold CET balances after the cutoff date, the system will automatically convert them at the same exchange rate.
Legacy Players Begin to Fall
CoinEx’s exit adds to the growing list of early-era crypto exchanges shutting down this year. BitMEX, which operated for 11 years, and BitMart, with a 9-year history, have already shuttered their operations. The string of closures provides a clear picture of the operational burdens borne by legacy players navigating modern financial regulations.
The top priority for users now shifts to securing their coins before withdrawal channels close. The lead-up to December 22 provides adequate time for customers to transfer their assets to private wallets.
Source: Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
