BitMart

4 months agoNews Editor

BitMart sets Jan. 31, 2027 shutdown date as BMX plunges after closure notice

BitMart said it will wind down its trading platform and formally cease operations on Jan. 31, 2027, laying out a staged shutdown that begins with restrictions on registrations, deposits, spot orders and automated trading services from July 26. From Aug. 26, the exchange plans to halt all spot, derivatives and other trading services, while products including wealth management, staking, lending and Launchpad offerings will be terminated in phases. The announcement hit the exchange’s native token BMX, which fell from around $0.3 to $0.064, leaving its market capitalization at $20.57 million. The exchange said withdrawals remain available, though some requests may face manual review tied to KYC, device and account security, source of funds, withdrawal addresses, Travel Rule requirements and sanctions screening. Arkham data cited in the report showed 58 wallets completed withdrawals totaling about $805,000 over the past 24 hours, while no withdrawal requests had been processed in the preceding eight hours. The report also highlighted internal uncertainty. Former Global CEO Nenter Chow said he was told on July 24 that his role would be terminated and that he did not participate in, or know in advance about, the shutdown decision announced on July 26. Binance founder Changpeng Zhao described the moment as a “tough time” and said acquiring a centralized exchange is possible, but far more complicated because of risks such as legacy backdoors and accountability if a hack happens after an acquisition.

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Crypto Industry

4 months agoNews Editor

100 Crypto Projects Have Died in 2026, but This Cycle Looks Different

RootData’s running tally of dead crypto projects has reached 100 in 2026, yet the number alone does not make this year the industry’s harshest washout. The larger story is what kind of companies are disappearing and how they are shutting down. In the span of a month, BitMart, BitMEX, AscendEX and EXMO all exited or moved into wind-down or liquidation processes. These were not fresh token launches with no users. Some had operated for years, built brands and survived earlier downturns. The article argues that this cycle is less about spectacular blowups and more about business models running out of room. In 2022, collapses were tied to leverage, customer asset misuse, frozen withdrawals and cascading contagion. In 2026, many closures have come through orderly wind-downs, long withdrawal windows and restructuring processes. That shifts the signal from systemic panic to operating models that no longer generate enough revenue to cover fixed costs. The pressure appears concentrated in crypto’s middle tier, especially mid-sized exchanges and token-incentive-dependent protocols. Funding data, ETF flow trends and the pace of shutdowns in these segments now offer a clearer read on market conditions than the project death count alone. Storj’s Chapter 11 case also introduces a closely watched legal experiment: whether token holders could eventually participate in post-reorganization equity under court approval.

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Arthur Hayes

4 months agoNews Editor

Arthur Hayes Bought 1,290 ETH About Three Days Ago in a $2.5 Million Purchase

BitMEX co-founder Arthur Hayes bought 1,290 ETH about three days ago in a transaction worth roughly $2.5 million, according to Techub, citing monitoring by @OnchainLens. On-chain data showed the funds were deposited into Cumberland and FalconX three days ago to complete the purchase. The wallet involved was identified as Arthur Hayes’ public address. Techub said Hayes has continued accumulating Ether recently, and his portfolio moves have drawn market attention given his profile as a BitMEX co-founder. The report focused on the wallet activity and the routing of funds through the two trading firms, without disclosing additional trade details beyond the amount, timing, and estimated value.

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Phyrex

4 months agoNews Editor

Phyrex says BitMart and BitMex failures were business-driven, not FTX-style blowups

Crypto KOL Phyrex said on X that BitMart and BitMex did not collapse because of a blowup and should not be compared directly with FTX. In his account, the core issue at both platforms was their business operations. He also said BitMart approached people around him in 2023 to discuss a possible acquisition and prepared substantial data at the time, but the talks did not lead anywhere. Phyrex argued that part of the decline seen at many third-tier exchanges came from pressure tied to Binance Alpha. According to his post, smaller exchanges had long served as a main venue for altcoins, manipulated coins, pyramid-scheme coins, and community coins, but Alpha gave those tokens a better destination, cutting deeply into listing fees and the profits from coordinated market-making. He added that another factor was the movement of copy-trading leaders, who often shift across exchanges and quickly bring users with them when a newer platform offers better profit terms. He said several recently known exchanges that ended up running away broadly followed that pattern.

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BitMEX

4 months agoNews Editor

Haotian says BitMEX and BitMart closures point to an active CEX shakeout under tighter compliance pressure

Crypto researcher Haotian said the successive closures of BitMEX and BitMart should not be read as a simple sign of centralized exchange failures or as a signal that a new bull market is forming. In his view, the developments reflect an active shakeout driven by intensifying competition among centralized exchanges as compliance standards rise. He said the core battleground for CEXs has shifted toward licensing, proof of reserves, and KYC/AML requirements. At the same time, exchanges are moving into tokenized U.S. equities and other traditional finance, or TradFi, assets in search of new revenue streams. Haotian added that this shift also means pricing power in traditional crypto trading is gradually slipping away. For smaller exchanges, he said survival now depends on finding a differentiated position. That could mean focusing on licenses and localized services in specific regions, specializing in products such as TradFi assets, perpetuals, or RWAFi, or leaning fully into crypto-native narratives including DeFi, the Agentic Economy, and MEMEs. He said continued homogenous competition will only speed up the industry’s elimination cycle, though clearing out weaker players is not necessarily a bad thing.

2100

BitMEX

4 months agoNews Editor

BitMEX and BitMart shutdowns put exchange stress back in focus as crypto downturn deepens

Two crypto exchanges announced shutdown plans within days of each other, adding fresh pressure to a market already dealing with a wider wave of closures. BitMEX said on July 23 that it had stopped taking new user registrations and will shut down on Sept. 23, 2026. BitMart followed on July 26 with a staged wind-down that suspends new signups, deposits and new orders, ends all trading on Aug. 26, 2026, and terminates platform operations on Jan. 31, 2027, while saying withdrawals will remain available. The developments come after AscendEX, formerly BitMax, also said in early July that it would cease operations, citing MiCA regulation, market conditions and financial operating pressure. Reactions to BitMEX’s closure split into two main camps. Binance founder CZ pointed to the Biden-era “War on Crypto,” while Flashbots strategy lead Hasu argued BitMEX’s insurance fund design may have been a deeper structural problem. In BitMart’s case, community debate has centered on withdrawal handling, possible funding strain and allegations of poor internal management. The closures have also triggered a scramble by other platforms to attract displaced users. Huobi, Websea, MSX.COM and Blockfinex all moved to publicly court BitMart customers shortly after the announcement.

2500

BitMart

4 months agoNews Editor

Crypto KOL says BitMart and BitMEX were hit by business decline, not collapse events like FTX

Crypto KOL Phyrex said in a post on X that BitMart and BitMEX did not fail because of a blowup similar to FTX, arguing that their core problem was business deterioration. He said BitMart had approached people around him for acquisition talks in 2023 and that data work was carried out at the time, but the process eventually went nowhere. In his view, part of the decline among smaller, lower-tier exchanges came from pressure tied to Binance Alpha, which gave altcoins, community tokens, and other fringe assets a better venue and cut into listing fees and coordinated market-making profits once earned by those exchanges. Phyrex also pointed to the migration of copy-trading leaders, saying their numbers were limited but they often brought waves of followers with them. When a newer platform offered better profit opportunities, those traders would quickly move their users over. He added that several better-known exchanges that later ran away had broadly followed that pattern.

2160

BitMart

4 months agoNews Editor

BitMart starts wind-down process, halts trading on Aug. 26 and plans full shutdown by Jan. 31, 2027

Crypto exchange BitMart said on July 26 that it will begin an orderly wind-down of operations, immediately stopping new user registrations and all deposits while limiting futures users to position reductions only. The platform said all spot, futures and other trading will end on Aug. 26, with the exchange scheduled to formally shut down on Jan. 31, 2027. Users are being urged to complete identity verification and close positions before 01:00 UTC on Aug. 26, and to submit withdrawal requests before 05:00 UTC the same day. BitMart said delayed or late withdrawals could be pushed into a separate handling process, and warned that review times may be extended by heavy demand, missing documentation, KYC checks, source-of-funds reviews, and Travel Rule sanctions screening. The announcement stands in sharp contrast to the exchange’s May 23 statement, when it denied a withdrawal crisis, said operations were normal, and promised to release proof of reserves at a later date. That disclosure never arrived before the shutdown notice. The report also noted BitMart’s earlier actions in the three days before the announcement, including restrictions for identified U.S. users, fees for dormant accounts, and the removal of spot margin services.

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