4 Crypto Platforms Shut Down in a Month: Why This is Just the Beginning

BitMart, BitMEX, AscendEX, EXMO.com: 4 crypto platforms have scheduled their closures within 30 days. Each cites a different reason, and none mention bankruptcy. The market continues to operate slowly, and other companies are already faltering.

4 Closures in 1 Month, and Not a Single Common Explanation

BitMart announced the listing of a new token on July 26. 105 minutes later, the same account published the notice of the exchange's closure.

Nenter Chow did not participate in this decision. The exchange had terminated his role as CEO on July 24, and he claims to have discovered the closure at the same time as the platform's customers.

BitMart claimed 13 million users across more than 180 countries. Its statement does not mention hacking, insolvency, or regulatory procedures. It was a strategic decision made after reviewing the activity. Nothing more.

Trading will stop on August 26, and the platform will permanently close on January 31, 2027. BMX, its native token, has already lost 81.5% in 7 days.

The decision comes after a difficult June. Bitcoin lost 20.5% in that month alone, dropping to $58,800. Bitcoin Spot ETFs recorded $4.5 billion in outflows during the same period, their worst month since their launch.

The other 3 platforms are shutting down for their own reasons.

BitMEX will close on September 23, with no buyer. The exchange invented the perpetual swap in 2016, which has since become the most traded product in the sector. Its traders had left long ago.

The 3 founders pleaded guilty in 2022 for failure to meet their anti-money laundering obligations. The parent company was fined $100 million in January 2025, and the platform has never regained its pre-litigation volumes.

AscendEX ceased all operations on July 1. Its letter to clients cites lack of MiCA license, regulatory and financial considerations, and a financial operation on which the exchange relied and which never materialized.

Its visible reserves on the blockchain had already dropped by over $240 million on June 20, and the first reports of disrupted withdrawals date back to the 26th of the same month.

EXMO.com was placed under British sanctions on May 26, along with 17 other entities targeted by London for their alleged links to Russian networks. A portion of its clients' assets has been frozen at its banks and custodians.

A Crypto Market with Half the Volume of Its October Peak

Centralized platforms processed $4.99 trillion in June, up 13% from the previous month. The spot market also grew by 15.3% to $1.11 trillion.

This increase ends 5 consecutive months of decline, but these volumes remain far from the peak of October 2025. At that time, centralized platforms processed $10.3 trillion in a single month.

Withdrawing Funds Depends on Each Platform's Rules

A closure announced six months in advance sounds reassuring on paper. The recovery of funds then follows the rules that each company sets for itself.

BitMart recommends submitting withdrawal requests before August 26, and warns that each request may undergo identity verification, compliance checks, and source of funds analysis.

AscendEX ended automatic withdrawals on July 6, five days after halting its trading services. Each request now goes through manual review, including account checks and anti-money laundering verifications. The company warns that some requests may not be processed.

EXMO.com has gone further by withholding 29.4% of each customer balance. The platform has credited accounts with a token named USDRecover, which represents an acknowledgment of debt for the amounts it may one day recover.

BitMEX will charge $50 per month or 1% of the balance per year, whichever is higher, to verified customers who leave funds on the platform after September 23.

Decentralized finance is not exempt. Loopring shut down its exchange at the end of June and disabled its relayer, the server that transmitted orders, due to a lack of users.

A difficulty that could have been resolved by 2025 has become fatal today. These five players derived their revenue from trading volume, which has halved since October. The sorting continues even now.

In the same week as BitMart's announcement, two crypto companies filed for bankruptcy in the United States: Movement Labs and Storj. Uphold, for its part, cut 17% of its global workforce.

Since January, 99 crypto projects have closed, filed for bankruptcy, or left their sites permanently inaccessible: wallets, exchanges, DeFi protocols, analysis tools.

Volumes have not returned, and the platforms that rely on their reserves see them dwindle month after month. Nothing suggests that the list will stop at these four names.

Are You Tired of Monitoring Whether Your Crypto Platform Will Hold Up?

BitMart published a growth report a few weeks before its closure. Its CEO learned the news at the same time as its customers. AscendEX stopped trading on July 1 and cut its automatic withdrawals five days later.

Add to this a bitcoin that has lost half its value since October, altcoins flirting with their lows, and Binance's sudden exit from the European market. The crypto market is exhausting its investors.

Many have already made their decisions. When Binance closed its European services, 70% of affected customers repatriated their crypto to a personal wallet rather than seeking another platform.

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The next platform to shut down will publish its notice on a Sunday evening, like BitMart. Those who hold their keys will read the news without checking their balance.