CoinEx, a cryptocurrency exchange that has served traders since the early days of the modern altcoin market, is preparing to close after nearly nine years of operation.
Founded in December 2017 by Haipo Yang, CoinEx developed a loyal following by offering a broad selection of cryptocurrencies, relatively straightforward trading tools and access to smaller assets that were not always available on larger exchanges. For users who joined around 2018, CoinEx became a familiar destination during several distinct chapters of cryptocurrency history, from the market decline following the 2017 boom to the decentralized-finance expansion, the NFT era and multiple bull and bear cycles.
That long history makes the closure feel more personal than the disappearance of an unfamiliar trading platform. CoinEx was one of the exchanges where curious users could explore emerging projects before they reached mainstream markets. Over the years, its listings included smaller proof-of-work assets such as Alephium (ALPH), Radiant (RXD) and Nexa (NEXA), as well as Kaspa (KAS) during an earlier stage of its growth. These cryptocurrencies were not always available on larger exchanges, making CoinEx particularly useful to miners, early adopters and people interested in projects outside the largest names. Its straightforward interface and extensive selection helped distinguish it in an increasingly competitive industry.
CoinEx also earned appreciation from Bitcoin Cash (BCH) holders following the contentious BCH–BSV hash war of November 2018. After the blockchain divided, separating BCH from Bitcoin SV (BSV) could be technically confusing and potentially risky for ordinary users. CoinEx became one of the relatively few exchanges offering a convenient splitting service: users could deposit eligible, unsplit Bitcoin Cash and have the corresponding BCH and BSV credited separately to their exchange accounts. With withdrawals available for both assets, holders could separate and control the two coins without performing the procedure manually. It was a specialized service, but one that demonstrated CoinEx’s willingness to support cryptocurrency communities during complicated network events.
CoinEx also provided rare exchange support for Wormhole, an experimental token protocol launched on Bitcoin Cash in 2018. Derived from concepts used by the Omni Layer, Wormhole recorded token operations within Bitcoin Cash transactions and was designed to let users create and transfer custom assets while relying on the BCH blockchain for settlement and security. Its foundational asset, Wormhole Cash (WHC), was produced through a proof-of-burn process in which BCH was permanently sent to an unspendable address at a rate of 100 WHC for every BCH burned. CoinEx became one of the only, and apparently the principal—centralized exchanges to support WHC deposits, withdrawals and BCH-denominated trading. Although Wormhole never achieved lasting adoption, CoinEx’s willingness to list WHC gave users practical access to one of the earliest serious attempts to build a token ecosystem directly on Bitcoin Cash.
On September 15, 2026, CoinEx announced that it had begun an orderly wind-down. The exchange attributed the decision to a prolonged downturn in the cryptocurrency market, declining trading activity and liquidity, and the increasing cost and complexity of regulatory compliance. Withdrawals are scheduled to remain available until December 22, 2026, at 02:00 UTC. CoinEx has stated that it maintains a reserve ratio above 100 percent and that customer assets remain fully covered and available for withdrawal.
CoinEx’s departure illustrates how difficult the cryptocurrency-exchange business has become. An exchange needs more than functioning technology and a recognizable brand. It must maintain sufficient trading activity across its markets, protect customer assets, operate support systems and satisfy an expanding collection of regulatory requirements in different jurisdictions. Those expenses continue even when cryptocurrency prices and trading volumes decline.
The company’s relationship with American customers also changed over time. CoinEx was accessible to many U.S. traders during its earlier years, including in 2018. However, regulatory pressure increased as authorities paid closer attention to offshore cryptocurrency platforms.
In February 2023, the New York attorney general sued CoinEx, alleging that it had offered cryptocurrency trading in the state without the required registrations. CoinEx subsequently reached a settlement, agreed to stop serving U.S. customers and strengthened its geographic restrictions and compliance measures. The episode marked a formal end to the exchange’s availability in the United States, even though some users may have discovered that its website remained technically reachable through tools such as VPNs. [New York Attorney General]()
CoinEx also experienced a major hot-wallet security breach in September 2023. The company responded by suspending deposits and withdrawals, rebuilding its wallet infrastructure and promising that affected users would be compensated. Although the incident was a serious challenge, the exchange recovered operationally and continued serving its international customers for another three years.
It would be easy to interpret CoinEx’s closure only as a negative event, but that would overlook what the platform accomplished. Surviving almost nine years in cryptocurrency is itself notable. During that time, CoinEx provided access to hundreds of digital assets, supported users through turbulent markets and gave many smaller cryptocurrency communities an accessible place to trade.
Anyone who still holds funds on CoinEx should act well before the withdrawal deadline. Users should close remaining positions, download their transaction records and withdraw assets to a personally controlled wallet or another suitable platform. A small test withdrawal may be prudent before transferring a larger balance, and users should rely only on official CoinEx communications to avoid phishing attempts.
CoinEx may be closing its exchange, but it leaves behind a meaningful place in cryptocurrency history. For longtime users, particularly those who discovered it during the market of 2018, its departure represents the end of a familiar and memorable era.
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