CoinEx Founder Yang Haipo to Shut Down Exchange, Offers Unlimited CET Buyback at IPO Price
AI Market Summary
CoinEx's planned shutdown highlights rising security and compliance burdens for centralized exchanges, reinforcing counterparty-risk concerns across crypto markets. While the CET buyback at the 0.005 USDT IPO price may temporarily support CET-related liquidity and reduce user losses, the broader signal is negative for CEX business viability and could drive short-term risk-off positioning and withdrawals toward self-custody or larger regulated venues.
Impact level
● High
Affected assets
BTC/USDT-0.08%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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CoinEx founder Yang Haipo said on X on Sept. 15 that the company will close its trading platform, calling the move "a carefully considered decision to accept a harsh reality."
Yang said CoinEx did not succeed in becoming a top-tier centralized exchange, while the security and compliance burdens of running a crypto CEX have grown increasingly hard to control. He noted that revenue can fall, but responsibility does not, and taking on unlimited risk for limited returns is no longer rational.
On CoinEx Token (CET), Yang pledged the company will repurchase CET at its initial listing price of 0.005 USDT per token, with no cap on the amount.
Yang also disclosed he had seriously weighed selling CoinEx but ultimately walked away from the idea. He said users place assets on CoinEx because they trust the platform and, in many cases, trust him personally, adding that transferring the platform and that trust to a new owner would not be the right way to end the journey. "A clean ending is the right ending," he wrote.
