- CEO Haipo Yang announced the orderly wind-down of the CoinEx crypto trading platform after nearly nine years of operations.
CoinEx (CET), a crypto trading platform, has been operating since 2017. At its peak, it has grown to over 10 million users.
On Tuesday, CEO Haipo Yang broke the news that CoinEx has begun an orderly wind-down. It comes in preparation for the platform’s eventual closure on December 22, 2026, which also marks its ninth anniversary in the industry.
The CoinEx Wind Down
According to Yang, his decision to close CoinEx came as a “hard truth” after thorough reflection. First, he cited tighter competition in the crypto scene, which makes it hard for their platform to scale to the level of the industry’s leading exchanges.
In addition to declining revenues, Yang highlighted that the compliance risks of running a crypto exchange have become increasingly difficult to contain. He explained that the confluence of these factors makes their platform impractical to operate.
Nonetheless, Yang recalled how CoinEx weathered every storm in its almost nine years of existence, particularly the industry’s volatility. He considers their recent move an honorable exit.
“We may not have won the race, but we are finishing with honor,” said Yang.
Interestingly, Yang admitted he considered selling CoinEx but later decided against it.
“I did not feel that handing the platform and that trust to a new owner was the right way to end this journey,” Yang claimed. “A clean ending is the right ending.”
Plans for CET
Yang assured users that their funds are safe because CoinEx’s reserve ratio exceeds 100%. This makes their assets fully backed and highly liquid for withdrawals.
The CEO warned that some tokens may take “slightly longer to process” while funds move between cold and hot wallets. Still, he emphasized that the company will honor and process every withdrawal request before the deadline.
Meanwhile, CoinEx will buy back CET at its initial listing price of 0.005 USDT per token. Yang noted that there will be no cap on its quantity.
Over the last 24 hours, CET has moved between $0.0045 and $0.005 per unit. So far, it has already lost more than 96% of its value since its all-time high of $0.1459 in May 2021.
CZ Tips Hat to CoinEx
Yang concluded the notice with gratitude for his team, who are standing with CoinEx until its last day. He also thanked customers who helped the platform grow along the way.
CoinEx’s actions have gained admiration from former Binance CEO Changpeng “CZ” Zhao, who praised the platform for allowing users to withdraw their assets. He underscored that it’s a “sharp contrast” to the QuadrigaCX fiasco, a fraud and Ponzi scheme that led to $169 million to 190 million in losses for customers.
