CoinEx shuts down after nine years, sets December 22 withdrawal deadline

Hong Kong-based cryptocurrency exchange CoinEx is shutting down after nine years in business. Founder and CEO Haipo Yang cited mounting security and compliance risks and said he rejected offers to sell the company in favor of a "clean ending" for users and staff.

Users have until December 22 to withdraw their funds. The closure joins BitMEX and BitMart in a wave of exchange shutdowns this year, part of a broader pullback in the industry as firms fold under rising regulatory and security pressure. Yang said the decision prioritizes risk management over continuing to operate.