CoinEx Shutdown: Trading Ends Sep 29, Withdraw by Dec 22
CoinEx says compliance risk and shrinking volumes no longer justify staying open. Spot trading ends on 29 September and all funds must be out by 22 December.
CoinEx is closing. The crypto exchange announced on 15 September that it will wind down its business after nine years of operation.
Founder and chief executive Haipo Yang said the platform's operational efficiency could no longer justify the risks of carrying on. He pointed to falling liquidity, a weaker market position and compliance costs that had become "difficult to contain".
Key dates for users
Already in effect
New registrations, referrals and rewards have stopped. Futures are in reduce-only mode, and margin trading, lending, staking and trading bots can no longer open new positions. Reduce-only mode means you can close or shrink an existing futures position, but you cannot open a new one or add to it.
29 September, 02:00 UTC
Spot trading ends (that is 7:30 am in India). Before this cut-off, users need to convert any non-USDT holdings to USDT. CET, the exchange's own token, is being redeemed at 0.005 USDT.
22 December, 02:00 UTC
This is the final deadline for withdrawals, which is also 7:30 am in India. Any USDT still on the platform after that point will be passed to an independent custodian, which is expected to charge monthly fees.
The reasons given
CoinEx says the decision reflects a prolonged market downturn, shrinking trading volumes and growing regulatory demands across major jurisdictions. Taken together, it says, those pressures meant the business was no longer worth continuing. It follows BitMEX ending trading after 11 years, another long-running platform to step back.
Steps to take now
- Convert non-USDT balances, including any CET, before spot trading stops on 29 September.
- Withdraw your funds well ahead of 22 December instead of waiting for the final days.
- Keep a record of your balances and withdrawals for your own tax filings.
When you withdraw USDT, check the network carefully. The receiving wallet or exchange must support the same network you pick, or the funds can be lost. Send a small test amount first if you are unsure. Our guide to setting up a crypto wallet covers the basics.
Tax points for Indian users
Converting a coin to USDT is a transfer of a virtual digital asset, so any gain on it can be taxable at 30% in India, even though no rupees reach your bank. Losses cannot be set off against gains on other coins. Moving USDT from CoinEx to your own wallet is not a sale, but download your trade history before the platform closes, as you may not be able to get it later. See our guide on crypto tax in India.
A lesson for Indian users
An exchange that closes with months of notice is the better outcome. The worse one is a platform that freezes withdrawals overnight. Either way the point is the same: coins held on an exchange are that exchange's liability, not property you directly control. Keep only what you are actively trading on any exchange and move the rest into self-custody.
It also helps to check that the exchanges you use are registered with FIU-IND, which platforms serving Indian users have needed under the anti-money-laundering rules since March 2023. Our guide to choosing an exchange in India covers what else to look for.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
