Why Did CoinEx Close? 2026 Shutdown, CET Buyback and Withdrawal Deadline

CoinEx stopped spot trading in September 2026, but the exchange's biggest deadline is still ahead. Customers have until 22 December 2026 at 02:00 UTC to withdraw remaining USDT. After that, unclaimed balances enter an independent custody process carrying a 5% monthly fee based on the original closing balance.

The policy makes CoinEx's exit unusually consequential. A customer who forgets a small exchange balance could see fees steadily erode it after December. The deadline is not the same as the last day of trading, and the later custody-claims deadline is not an extension of free withdrawals.

CoinEx announced its wind-down on 15 September 2026, after nearly nine years of operation. The Seychelles-based exchange cited a prolonged downturn, lower industry trading volume, declining liquidity and growing regulatory costs. These were the company's stated reasons, not a finding of bankruptcy.

A fee that can consume unclaimed USDT

Under the September 15 notice, any USDT remaining after the withdrawal window closes is to be transferred into independent custody. CoinEx says the custodian will charge 5% per month of the balance recorded at the December 22 cutoff.

That wording matters. The percentage is measured against the original balance at the cutoff, rather than described as a fee recalculated against each month's reduced balance. For a hypothetical 1,000 USDT remaining at that deadline, 5% would equal 50 USDT a month if the policy is applied as written. This is an illustration, not an actual customer account.

The notice sets 22 August 2028 as the final date to submit a custody claim through the exchange's listed support channel. It says identity checks may be required and any assets still unclaimed afterward will be handled under applicable rules.

There is no assurance in the announcement that enough funds will remain to pay a late claimant after fees. Customers should not assume a long claims window protects the full original value of an idle balance.

The exchange's final timetable

CoinEx didn't terminate every product at once. It used several stages for derivatives, lending, deposits, spot trading and withdrawals.

CoinEx published its original timetable in UTC+8. The December 22 cutoff is 02:00 UTC, equivalent to 10:00 that day in the notice's timezone. Users should follow the explicit hour, not just the calendar date.

As of this report's 25 October review, spot trading has stopped, but December 22 has not yet passed. This article does not present future custodial transfers or fees as completed transactions.

Why CoinEx decided to close

The original operator announcement describes several years of challenging market conditions. It cited falling liquidity and industry volume, tighter regulatory obligations and rising compliance costs.

Founder and CEO Haipo Yang said he considered selling the platform but preferred an orderly ending, according to The Block's reporting on 15 September. The exchange had operated since 2017 and served customers across numerous jurisdictions.

CoinEx said it held a reserve ratio exceeding 100% and that user assets were fully backed. That is an operator assertion supported by a link to its own proof-of-reserves materials. It is not an independent guarantee that every customer withdrawal will settle without delay.

The closure follows a very different course from Knaken's court-ordered bankruptcy, where Dutch judges recognised a customer-asset shortfall. CoinEx's published notice instead offers scheduled withdrawals and a stated reserve position.

What happened to non-USDT assets?

For customers wanting Bitcoin, Ether or other assets in their original form, the relevant cutoff was earlier than December. CoinEx instructed users to withdraw those assets before 29 September 2026 at 02:00 UTC.

After that date, the exchange said non-USDT assets with external liquidity could be sold in outside markets. Their net proceeds would be credited in USDT. Tokens without suitable markets could instead be delisted and cease to have maintained wallets.

This policy could leave two former customers with different outcomes. One might hold USDT proceeds from a liquidated token, while another might have an illiquid token that could no longer be supported. Neither situation should be described as a guaranteed refund at the token's former price.

Coinext's Brazilian shutdown also involved converting remaining crypto balances into a settlement currency. The two exchanges had unrelated companies, rules and dates, despite their similar names.

What did CoinEx pay for the CET token?

The CoinEx Token, known as CET, had a separate repurchase arrangement. The exchange offered 0.005 USDT per CET during the September 15–29 exit period and said there was no quantity cap.

Trading fees on the CET/USDT pair were waived during that window. CET remaining in users' exchange accounts after the cutoff was scheduled to be bought automatically for the same stated price. The operator said there would be no later buyback or redemption arrangement.

A fixed token repurchase price is not a measure of total customer liabilities. Nor does it establish how much CET was successfully bought by the deadline. The Crypto Times contemporary report confirmed the published terms but did not audit each token-holder payment.

What happened to futures and Earn balances?

When the wind-down started, futures trading entered reduce-only mode. Traders could close or reduce exposure but could not freely add new leveraged positions.

CoinEx's published schedule also set September 22 as the end of non-spot services, including margin, Earn, staking and lending. Those products could involve unsettled positions or funds tied to repayment conditions.

Users with active products needed to check actual settled balances rather than assuming an open position or staking estimate was immediately withdrawable. The exchange's general December USDT withdrawal deadline does not mean derivatives continued operating until December.

Other shutdowns show why these stages matter. During Satori Finance's perpetuals wind-down, traders also had to close leveraged positions before its final operating deadline.

CoinEx Smart Chain and OneSwap stopped too

CoinEx's closure extended beyond its centralized order book. The company scheduled CoinEx Smart Chain (CSC) and OneSwap to cease operations on 29 September, including the relevant cross-chain bridge redemption window.

A blockchain or decentralized trading application has dependencies separate from a centralized account balance. Someone holding assets or using a bridge on CSC needed to deal with those arrangements before the chain-related cutoff.

This is similar in one respect to Dango's 2026 Layer 1 wind-down, which also affected the infrastructure underlying its exchange. The published mechanisms were different, so one network's recovery method cannot be assumed for the other.

Were CoinEx Wallet and CoinEx Vault closed?

No. The operator's announcement expressly excluded CoinEx Wallet and CoinEx Vault from the exchange shutdown. It said those independently operated products would continue normally.

That does not automatically move centralized exchange balances into either product. Someone wishing to withdraw should confirm the correct destination wallet and supported network. Having a separate app from the same brand is not evidence that an exchange account has been transferred there.

The separately named services may remain active even after CoinEx trading ceases. Readers should check each product on its own terms rather than assuming a brand-wide closure of every tool.

What happened to CoinEx's international regulatory problems?

CoinEx previously exited the United States after settling proceedings brought by New York's attorney general in 2023. The Block's September 2026 report also referenced a more recent TRM Labs review alleging substantial exposure to flows associated with Iranian entities.

Those events are relevant background but should not be reported as court findings that caused the 2026 shutdown. The operator cited broader market and compliance costs, not a specific September enforcement order mandating a global closure.

The shutdown affects international users because the exchange was not merely leaving one country. Its official notice described a platform-wide cessation schedule.

What customers should do before December 22

A remaining CoinEx user should verify the balance now displayed in their account and arrange a withdrawal to a compatible destination before 02:00 UTC on December 22. They should preserve transaction histories and confirmation records outside the platform.

Withdrawals can face network congestion, fees and identity reviews. An initiated request is not the same as a completed on-chain transfer. Checking the destination's supported blockchain and any required memo or tag is particularly important.

CoinEx has warned that its September announcement is final and that purported later policy updates in its name may be fraudulent. Customers should authenticate notices through the official announcements page and verified support, rather than unsolicited recovery messages.

The broader history of closed cryptocurrency exchanges shows why trading dates and withdrawal deadlines must be recorded separately. For CoinEx, spot trading ended in September, while December's final exchange closure and the later custody-claim process remain separate milestones.

Sources and methodology

• CoinEx official September 15 cessation notice — primary statement of service dates, token treatment, withdrawal windows, custody fee and claims deadline.
• CoinEx official announcement channel — publication of the wind-down schedule and reserve position.
• The Block, September 15, 2026 — independent reporting on management's reasons, background and prior regulatory events.
• Crypto Times, September 15, 2026 — confirmation of the token buyback, fee policy and treatment of services outside the exchange.
• CoinEx proof of reserves — operator's reserve disclosures.

Information reviewed 25 October 2026. CoinEx's future dates and claims of asset backing are attributed to the operator. No full payout, future custody transfer or independently audited universal recovery is asserted.