CoinEx founder Yang Haipo said on X that the exchange is proceeding with a shutdown and orderly user offboarding, while maintaining that customer withdrawals remain available. According to Yang, CoinEx currently has a reserve ratio above 100%, and user assets are fully backed.
Explaining the decision, Yang said CoinEx has been operating for nine years but did not ultimately become a leading exchange in the industry. He also said that the security and compliance risks tied to running a crypto trading platform have become increasingly difficult to control. In his words, declining revenue can be tolerated, but responsibility does not shrink with it, making the risk-return balance no longer rational.
Yang also disclosed that he seriously considered selling CoinEx before deciding against it. He said users entrusted assets to the platform based on confidence in CoinEx and, in many cases, in him personally, and that handing both the platform and that trust to a new owner was not the right way to conclude the journey. He added that CoinEx will ensure users can withdraw their assets in full and will buy back CET at its initial listing price of 0.005 USDT per CET without limit.
CoinEx founder Yang Haipo said in a post on X that the exchange is shutting down and carrying out an orderly wind-down, while keeping withdrawals open for users.
Yang said CoinEx currently has a reserve ratio of more than 100%, adding that user assets are fully backed and can be withdrawn normally.
Why CoinEx chose to shut down
Yang said CoinEx has been in operation for nine years, but in the end did not become a leading exchange in the industry. He also said the security and compliance risks involved in operating a crypto exchange have become increasingly hard to control.
He wrote, 「Revenue can fall, but responsibility does not. Taking unlimited risk for limited income is no longer a rational choice.」
Sale option was considered and rejected
Yang also disclosed that he had seriously considered selling CoinEx, but ultimately decided not to proceed.
He said users entrusted their assets to CoinEx based on trust in the platform and, in many cases, trust in him personally. In his view, handing the platform and that trust to a new owner was not the right way to end the journey.
Withdrawal and CET buyback plan
Yang said CoinEx will make sure users can withdraw assets in full. He also said the platform will repurchase CET at its initial listing price of 0.005 USDT/CET with no limit.
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