CZ Praises Orderly CoinEx Wind Down as Exchange Plans Closure

CoinEx has announced the closure of its exchange after nearly nine years of operation, citing persistent market downturns, declining trading volume and increasing compliance costs. The announcement, made on September 15, 2026, has drawn attention not just for the closure itself but for how the exchange is handling it.

Binance co-founder Changpeng Zhao (@cz_binance) praised the approach, noting that recent exchange wind-downs had allowed users to withdraw their assets in full. He contrasted this with the "QuadrigaCX styles" seen in previous cycles, a reference to one of crypto's most notorious collapses. QuadrigaCX, a Canadian exchange that collapsed in 2018, left users unable to access funds after its founder and CEO died unexpectedly, leaving behind roughly $190 million in missing or inaccessible crypto assets. Former users ultimately received just 13 per cent of the funds they had stored on the platform.

Phased Shutdown Timeline

CoinEx published a phased calendar for winding down its services. New user registration stopped on September 15, along with referral commissions and new subscriptions for margin trading, loans, Earn and staking. Futures markets moved to reduce-only mode the same day. All non-spot services ceased on September 22. Spot trading ended on September 29.

CoinEx said protecting user funds is now its main priority, with its reserve ratio above 100 per cent. Withdrawals will remain open until December 22, 2026, even as other services shut down. The exchange urged users to withdraw early, as network congestion, fees or delays could affect transactions near the deadline. After December 22, unclaimed USDT will move to independent custody with a 5 per cent monthly custody fee, and users can submit custody claims until August 22, 2028.

A Broader Wave of Exchange Closures

The closure makes CoinEx the latest centralised trading venue to exit during a year that has already seen several established exchanges either shut down or enter structured wind-down processes. BitMart is shutting down in phases with full closure set for January 31, 2027, while BitMEX will end all operations on September 23, 2026.

CoinEx founder Haipo Yang attributed the decision to a prolonged downturn in digital-asset markets, a contraction in industry trading volume and liquidity, and rising regulatory requirements across major jurisdictions. Yang said "carrying unlimited risk for limited revenue is no longer a rational choice," adding that he considered selling the exchange but rejected the idea because users had entrusted their assets to the platform. He chose instead to wind it down while ensuring withdrawals could be completed in full.

Sources:
CryptoTimes: CoinEx Announces Shutdown After 9 Years
Coinpedia: CoinEx Shuts Down After 9 Years
Yahoo Finance: QuadrigaCX Users to Receive Some Lost Funds