18th September 2026
By Shubhii Verma
Hong Kong-based cryptocurrency exchange CoinEx said earlier this week that it will shut down, citing a prolonged downturn in asset markets, declining trading activity and rising security and compliance costs.
CoinEx Shutdown Timeline and Withdrawal Deadline
CoinEx said it would gradually cease services from September 15, while allowing customers to withdraw their assets until December 22.
The exchange said weak cryptocurrency markets, shrinking trading volumes and liquidity, and rising regulatory requirements across major jurisdictions had exceeded operating limits.
Founder Haipo Yang said CoinEx had not become one of the industry’s leading exchanges and that security and compliance risks involved in operating a cryptocurrency platform had become increasingly difficult to contain.
Launched in 2017, CoinEx has served millions of users, according to Yang.
CoinEx’s Links to Nobitex Draw Sanctions Scrutiny
A June report from U.S. crypto research firm TRM Labs identified CoinEx as the largest counterparty to Iranian crypto exchange Nobitex. The United States imposed sanctions on Nobitex that month, alleging the platform helped Iran circumvent Western sanctions.
TRM Labs said trading volumes between CoinEx and Iranian exchanges declined after the United States imposed sanctions on several Iranian exchanges in June.
In June, responding to a Wall Street Journal report, CoinEx said it had never maintained a commercial relationship with Iranian government-linked entities or domestic Iranian exchanges. It also said it stopped onboarding Iranian users after sanctions were imposed.
Crypto Market Slump Puts Pressure on Trading Volumes
CoinEx’s shutdown follows a difficult year for cryptocurrency markets. Bitcoin fell about 50% from its October 2025 peak of nearly $130,000 to around $60,000 in June.
A rebound above $80,000 proved short-lived amid uncertainty surrounding a Federal Reserve rate hike and the proposed U.S. Clarity Act.
According to digital asset manager ChainUp Investment, daily bitcoin spot trading volume fell to about $2.2 billion in July, its lowest level since November 2023, before declining to $1.8 billion in August.
CoinEx said its asset-reserve ratio remained above 100%, adding that all customer assets were fully backed and available for withdrawal.
