Cryptocurrency exchange CoinEx will cease operations after 9 years.

On Sept. 15, blockchain media outlet Decrypt reported that CoinEx will stop new registrations from that day and plans to end most exchange services as of Sept. 29.

User asset withdrawals will be supported until Dec. 22. That effectively provides about 3 months for users to recover assets after the main service shutdown. CoinEx said it will allow assets remaining on the platform after Sept. 29 to be converted into tether (USDT). Any USDT not claimed by Dec. 22 will be transferred to an independent custodian, which will charge 5 percent of the initial balance as a monthly fee. Users can receive their funds back through that custodian until Aug. 22, 2028.

CoinEx cited a prolonged market downturn, reduced trading activity, a tightening regulatory environment and rising compliance costs as reasons for the closure. The company said business conditions have become more difficult as overall industry trading volume and liquidity have declined.

Founder and Chief Executive Officer Yang Haipo (양하이포) said the risks of operating an exchange have grown to a level that is difficult to bear. In a post on X, he said, "After much deliberation, I came to accept a difficult truth," adding, "Security and compliance risks have become increasingly difficult to manage."

Yang said he also seriously considered selling CoinEx but chose to close it for a clean ending. He acknowledged that although the company has gained millions of users over the past 9 years, it fell short of the goals it originally set. He added that the top priorities in winding down the business were ensuring customers can recover all of their assets and enabling employees to leave with dignity.

The decision to shut down is also linked to regulatory burdens surrounding CoinEx. TRM Labs claimed in an early 2026 report that CoinEx processed flows of more than $3.8 billion linked to Iran-related entities since 2019. TRM Labs said the transactions included Nobitex and sanctioned counterparties.

CoinEx has attracted customers in more than 200 countries and regions. It has already withdrawn from the U.S. market. CoinEx exited the United States after settling a lawsuit filed by the New York State Attorney General in 2023. At the time, the New York State Attorney General raised the issue that CoinEx operated without required registration.

As a result, the market has responded that it has again become clear that small and mid-sized cryptocurrency exchanges are finding it difficult to withstand a prolonged downturn and rising regulatory costs at the same time. CoinEx users now need to check the withdrawal deadline and how assets will be handled after Sept. 29. As the closure process moves into full swing, the transfer of user assets and the handover to the custodian are expected to be key points to watch.