Cryptocurrency exchange CoinEx said it will cease operations through a staged wind-down that ends with the closure of withdrawals at 02:00 UTC on December 22, 2026. The timetable puts immediate decisions in front of customers, merchants and counterparties because several services stop well before the final withdrawal deadline.
CoinEx attributed the decision to a prolonged crypto-market downturn, lower industry trading volume and liquidity, rising regulatory requirements, compliance costs and operational uncertainty. Those are the company’s stated reasons. The materials reviewed do not establish that CoinEx is insolvent, nor do they identify a regulator that ordered the closure.
The company also said its reserve ratio exceeds 100%, all user assets are fully backed and withdrawals will remain available during the wind-down. CoinEx linked to its proof-of-reserves page, but Payments Watch Source did not find an independent audit in the announcement that would verify the company’s reserve and liability claims. Users therefore have a company assurance and a published exit process, not a guarantee that every withdrawal will be completed without delay.
Trading and deposits stop before withdrawals
CoinEx stopped new registrations on September 15. It also put futures markets into reduce-only mode and stopped accepting new orders or subscriptions for fiat services, margin trading, loans, Earn, staking and strategy products.
Under the published schedule, non-spot services and most on-chain deposits are due to stop September 22. CoinEx said futures positions still open at that point will be forcibly settled using the index price, while outstanding loans may trigger disposal of collateral under its existing liquidation rules. Earn and staking products are scheduled for platform-led redemption into users’ spot accounts.
All spot trading is due to stop September 29. At 02:00 UTC that day, CoinEx plans to begin processing non-USDT assets remaining in customer accounts. Assets with external-market liquidity may be sold and converted into USDT based on net sale proceeds. CoinEx said assets without external liquidity will be delisted and that it will no longer assume responsibility for their custody or redemption, making September 29 the practical deadline for users who want to withdraw those holdings in their original form.
The exchange’s CET token has a separate exit process. CoinEx said it will place buy orders at 0.005 USDT per CET until September 29 and automatically repurchase CET left in customer accounts at that price when the window ends. CoinEx Smart Chain and OneSwap are also scheduled to cease operations on September 29, along with the cross-chain bridge redemption window.
Unwithdrawn balances face a custody fee
The final withdrawal deadline is December 22, but leaving assets until then has material consequences. CoinEx said USDT not withdrawn by the deadline will move into independent custody. Customers will need to submit claims through the exchange’s support address and may have to complete identity verification and security checks.
The announcement says a monthly custody fee equal to 5% of the original asset balance at the end of the withdrawal period will apply to unwithdrawn assets. The claims deadline is August 22, 2028, after which remaining assets may be disposed of under applicable laws and procedures, according to CoinEx. These terms create a strong incentive to withdraw early rather than treat December 22 as a routine account-access date.
Fiat merchants also face a compressed reconciliation period. CoinEx said fiat services will end September 22, while unresolved disputed orders will continue through its existing appeals process. Merchant security deposits are to be returned after relevant disputes have been processed.
The control test is orderly asset return
A wind-down announcement is only the start of the accountability period. For customers, the measurable outcomes are whether withdrawal infrastructure remains available, whether forced settlements and conversions follow the disclosed rules, whether merchant disputes are resolved, and whether support remains responsive after trading revenue stops.
For exchanges and payment firms, the CoinEx timetable illustrates why exit planning must be treated as an operational control rather than a communications exercise. Firms need a reconciled view of customer liabilities, enough liquid assets on the correct networks, tested withdrawal capacity, clear handling rules for illiquid assets and a durable claims process. They also need prominent anti-impersonation controls because closure notices and urgent withdrawal deadlines create an opening for phishing and fake-support scams.
CoinEx warned users to rely on its official website and verified channels and said it would never request private keys, passwords, verification codes or transfers for supposed unfreezing, compensation or airdrops. Customers should independently verify destination addresses and preserve account and transaction records before services disappear. The company said CoinEx Wallet and CoinEx Vault are separate businesses and are not included in the exchange closure.
The central unresolved issue is execution. CoinEx has published dates and asset-handling rules, but the quality of the wind-down will be determined by whether users and merchants actually recover what the platform says they are owed before access narrows and custody fees begin.