CoinEx to Shut Down: Another Crypto Exchange Bites the Dust
Hong Kong-based crypto exchange CoinEx just announced it's shutting down for good — and it's not alone.
What's Happening
CoinEx, founded back in 2017 by mining pool ViaBTC, said it will begin winding down operations starting September 15. New sign-ups and referral rewards stopped immediately, futures trading is going reduce-only, and by September 29 spot trading will fully stop. Users have until December 22 to withdraw all their funds. The company says it maintains over 100% asset reserves, meaning every user's funds are fully backed and recoverable.
Why It's Closing
CoinEx blamed a mix of a prolonged crypto market slump, shrinking trading volume, and rising regulatory costs across major markets — saying these pressures had "exceeded reasonable boundaries." Founder Haipo Yang was blunt about it too, admitting CoinEx never became a top-tier exchange and that compliance and security risks had become too hard to manage. He said he considered selling the company but chose to shut it down cleanly instead.
Not an Isolated Case
CoinEx isn't the only casualty. Two other veteran exchanges — BitMEX (running since 2014) and BitMart — also announced shutdowns earlier this year. Analysts say daily Bitcoin trading volumes have dropped to their lowest levels in nearly three years, squeezed by weak retail participation, higher regulatory costs, and stiff competition from decentralized exchanges and AI-driven platforms.
Bottom Line
This closure adds to a growing trend — mid-sized crypto exchanges are struggling to survive as the market matures, competition increases, and trading volume dries up. Even well-known, years-old platforms aren't safe from the shakeout.