CoinEx Cashes Out: Hong Kong Crypto Exchange to Shut | Crypto Work Pro
CoinEx, a Hong Kong-based cryptocurrency exchange based in December 2017 by mining pool ViaBTC, at present (Tuesday) introduced that it’s going to stop operations and start an orderly liquidation, citing the extended downturn within the crypto market, shrinking trading quantity and liquidity, rising regulatory necessities, and compliance prices exceeding cheap limits.
London’s trading industry is coming home!
Founder and chief government Haipo Yang acknowledged the platform failed to obtain its ambition of changing into a top-tier industry participant, whereas security issues and regulatory challenges had develop into more and more unmanageable.
An Orderly Shut Down
The shutdown is staged. New person registrations and referral rewards have been halted instantly, and futures moved into reduce-only mode; on September 22, all non-spot companies will probably be halted; on September 29, spot trading will stop, and all CET in person accounts will probably be repurchased at 0.005 USDT per token; on December 22, the withdrawal period ends, and the platform ceases operations.
After December 22, unclaimed USDT will transfer to impartial custody with a 5% month-to-month custody price based mostly on the unique stability, and customers can submit custody claims till August 22, 2028.
From September 15 to September 29, CoinEx will place buy orders at $0.005 per CET, its native token, on the CET/USDT pair with no amount cap, and trading charges on that pair are waived.
CET rose after the shutdown information, regardless that the token stays down sharply for the 12 months. At the time of the announcement, the exchange registered roughly $58 million in every day trading quantity, and CoinEx stated its reserve ratio surpasses 100%.
The exchange has prior regulatory historical past. In 2023, CoinEx settled a case introduced by the New York Attorney General beneath the Martin Act, paying more than $1.7 million, of which about $1.1 million was refunded to New York traders, and agreeing to be barred from working in New York.
Part of a Wider Pattern?
CoinEx joins a run of 2026 exchange closures. Finance Magnates earlier reported that BitMEX, the spinoff exchange that revolutionised crypto trading with the invention of the perpetual swap, introduced on July 23 that it’s going to shut down its platform on September 23, 2026, closing an eleven-year run.
BitMart, which claimed more than 13 million customers throughout 180 nations, introduced its shutdown on July 26, 2026, with all trading companies ending August 26 and full closure set for January 31, 2027. AscendEX, registered in Singapore, ceased operations on July 1, citing the entry into drive of new European crypto market rules, the shortage of the mandatory license, and financial difficulties.
Since the beginning of 2026, practically 100 crypto tasks, spanning exchanges, decentralized finance companies, NFT marketplaces and blockchain tasks, have ceased operations amid the identical pressures CoinEx cited: falling volumes and rising compliance payments. CoinEx stated no additional official bulletins could be issued and urged customers to withdraw or convert holdings effectively earlier than the December deadline.
This article was written by Arnab Shome at www.financemagnates.com.
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