Hong Kong-based cryptocurrency exchange CoinEx is set to cease operations as prolonged weakness in the digital asset market continues to weigh on trading activity and liquidity.
The exchange will begin an orderly wind-down of its services from September 15, 2026, while withdrawals will remain available until December 22, giving users time to remove their assets from the platform.
CoinEx’s decision comes as the wider cryptocurrency market faces a period of subdued activity. Bitcoin, the world’s largest cryptocurrency, has fallen to around $60,000, roughly half its value from its October 2025 peak of nearly $130,000.
Trading activity has also weakened significantly. Average daily spot trading volume for Bitcoin fell to about $2.2 billion in July, its lowest level since November 2023. The figure dropped further to around $1.8 billion in August, reflecting reduced activity across the market.
CoinEx Faces Pressure From Weak Market Conditions
CoinEx cited several challenges behind its decision to wind down operations, including the prolonged market downturn, lower trading volumes and liquidity, and increasing regulatory requirements in major markets.
The combination has made conditions more difficult for cryptocurrency exchanges. Lower trading volumes can reduce exchange revenues, while meeting changing regulatory and compliance requirements can increase operating costs.
The wider crypto market has also been affected by uncertainty surrounding US monetary policy and proposed cryptocurrency legislation. These developments have contributed to continued volatility in digital assets.
For trading platforms, sustained weakness in market activity can make it harder to maintain operations as competition and regulatory demands increase.
Withdrawals to Remain Available
CoinEx will not end all services immediately. Instead, the exchange is carrying out a phased shutdown, giving users a period to manage their accounts and withdraw their holdings.
The company has said its asset-reserve ratio remains above 100% and that customer assets are fully backed and available for withdrawal during the wind-down period.
Users have until December 22, 2026, to withdraw their assets from the platform.
CoinEx’s closure is specific to the exchange and does not mean that the broader cryptocurrency industry is shutting down. However, the move highlights the challenges facing crypto trading platforms as market activity remains subdued.
Bitcoin Trading Volumes Decline
The fall in Bitcoin spot trading volumes offers a broader picture of the current market environment. Daily average volume declined from approximately $2.2 billion in July to $1.8 billion in August.
The reduced activity comes alongside weaker Bitcoin prices and continuing uncertainty in the digital asset sector.
Competition from decentralised exchanges and other areas of the technology sector has also added pressure on traditional cryptocurrency trading platforms.
CoinEx’s planned shutdown reflects the difficulties an individual exchange can face when weaker trading activity persists while regulatory and operational requirements continue to grow.
As the wind-down proceeds, CoinEx users will have until December 22 to withdraw their assets. The exchange’s closure comes during a challenging period for cryptocurrency markets, marked by lower trading activity, reduced liquidity and continued uncertainty across the sector.