stable coins
By Steven Anderson
1 / 15
What Happens to Your Money After December 22. Here's where users need to pay close attention. Any unclaimed USDT sitting in accounts after…
2 / 15
The 2023 New York Settlement and Its Long Shadow. CoinEx's regulatory history didn't help. In 2023, the exchange settled a legal case with the New…
3 / 15
CoinEx is done. The Hong Kong-based cryptocurrency exchange, founded by mining pool ViaBTC back in December 2017, announced Tuesday it's closing for good — nine years of…
4 / 15
The reasons aren't surprising, but they're brutal. A prolonged crypto market downturn gutted trading volumes. Compliance costs kept climbing.
5 / 15
New user registrations stopped immediately. Referral rewards, also gone. By September 22, every service except spot trading shuts off. Spot trading itself ends September 29.
6 / 15
It's a pretty structured wind-down, all things considered.
7 / 15
Here's where users need to pay close attention. Any unclaimed USDT sitting in accounts after December 22 doesn't just vanish — it moves to independent custody.
8 / 15
CoinEx made it clear: no further official announcements are coming. The exchange told users to withdraw well before the December deadline and not wait around for reminders.
9 / 15
The exchange did drop a few numbers before closing up shop. Daily trading volume sat at roughly $58 million, and CoinEx claimed its reserve ratio stayed above 100%.
10 / 15
CoinEx's regulatory history didn't help. In 2023, the exchange settled a legal case with the New York Attorney General, paying over $1.7 million to resolve the allegations.
11 / 15
See also: Situational Awareness Fund Faces New Losses After AI Stock Options Crash
12 / 15
That settlement probably cost more than just money. The reputational hit, the legal fees, the compliance overhaul required afterward — it all adds to the operational weight that…
13 / 15
And CoinEx isn't alone in this. Not even close.
14 / 15
BitMEX and BitMart — both names that once carried serious weight in crypto trading circles — have also announced shutdowns in 2026, citing the same mix of market conditions and…
15 / 15
Nearly 100 crypto projects, including exchanges and blockchain initiatives, have shut down in 2026 alone. That's not a blip.
The Currency Analytics
Want the full story?