Binance's CZ Breaks Silence on CoinEx Shutdown With QuadrigaCX Comparison

Changpeng "CZ" Zhao, a co-founder of Binance, has commented on CoinEx's decision to close, contrasting the exchange's orderly shutdown with some of the most notorious collapses in the cryptocurrency space. 

Key reasons for closing the exchange

Citing the decline in the cryptocurrency market, declining industry trading volume and liquidity, growing regulatory requirements, and increasingly onerous compliance costs, CoinEx announced that it will close its doors after nine years. Stages of the shutdown start on September 15 and end on December 22. 

At least, the few recent wind-downs during this winter have allowed users to withdraw their assets, a sharp contrast to the "QuadrigaCx styles" in the previous cycles.

— CZ 🔶 BNB (@cz\_binance) September 15, 2026 CZ was more interested in how CoinEx is managing customer funds than in the closure itself. Zhao wrote, "At least, the few recent wind-downs during this winter have allowed users to withdraw their assets," which contrasts sharply with the "QuadrigaCx styles" observed in earlier cycles.  There is significant weight to the comparison. After its founder passed away, QuadrigaCX's name became synonymous with catastrophic exchange failure as clients were unable to access their funds. CZ seems to be arguing that clients do not always have to learn that their assets are unavailable when an exchange closes. 

CoinEx reassures users

User assets are fully backed and accessible for withdrawal, according to CoinEx, which maintains an asset reserve ratio above 100%. On September 15, futures moved into reduce-only mode.  On September 22, non-spot services will cease, and on September 29, spot trading will end. Withdrawals are still possible through December 22. Additionally, at 0.005 USDT per token, the exchange will repurchase any remaining CET balances.  After the December deadline, USDT remaining on the platform will go into independent custody, where CoinEx claims a monthly custody fee equal to five percent of the initial balance will be charged. The centralized-exchange industry is still unsettled by CoinEx's departure. The company specifically blamed declining volumes and liquidity along with rising compliance costs, implying that smaller and mid-sized platforms are facing increasingly challenging operating conditions.  However, CZ's response draws attention to a distinction between insolvency and business failure. Even with the assets required to reimburse customers, exchanges may become economically unsustainable. This matters to CoinEx users. Instead of confronting clients with an abrupt freeze, the exchange's announced shutdown allows them to withdraw their funds over approximately three months.