3 exchange closed down in July alone, withdraw your money before it's too late.

[shinratensei_]

source : https://finance.yahoo.com/markets/crypto/articles/bitmart-shuts-down-8-years-124749192.html

So far there are 3 exchanges that have announced their closing down:

• AscendEX (BitMax) Announced cease of operation in July 1, 2026
• BitMex announced closing down in July 23, 2026
• Last but not least, Bitmart which recently announced their cease of operation in 26 July, 2026

All of them urge you to withdraw and I personally recommend you to withdraw as soon as possible if you have capital like altcoins deployed in exchanges mentioned above, because the company might be insolvent and there might be liquidity problem although all of them are giving withdrawal windows.

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

[Orpichukwu]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

Bitmex closing shutdown is taken effect September 2026 not 2023 I guess that’s what you mean

They are tier 2 exchanges that were once part of tier 1. As time goes on, they continue dropping down. This won’t be the last; a lot of these old exchanges which have been known for long will soon be shutting down, as their names are not even popular these days until now that they are about to permanently close and their closure is making headlines.

Many people who turn centralised exchanges to be their place of saving their coins might actually miss this news unless their registered email is active and the exchanges make it necessary to send mail across to warn them; if not, some people’s money will be buried under, like Cryptopia, and some people have the habit of saving exchange addresses and bookmarking them.

Sending coins directly to any of these exchanges while they have disabled the deposit option will take a lot to get it out manually.

I just hope enough warning is passed down, especially from BitMart, as it was once popular here in my country.

[PostQuantumBTC]

There are separate threads on this forum that these exchanges close down are discussed about. But why are their names looking similar? Also I noticed that Bitmex and BitMart are closing down almost at the same time.

They have been unable to meet up to standard and they are leaving for those that are the fittest. I am not using any of the exchanges and I do not leave money on exchanges.

[retreat]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

That's simply because they are unable to compete with other exchanges in the crypto industry and maintain the quality of their services, so they are no longer able to continue their operations. However, this is something that was anticipated beforehand by the exchange platform, that at any time they might close their operations for any reason. Whether it is tier 2 or even tier 1, that risk will always exist – no exchange is completely immune to financial problems or intense competition in the industry. This also serves as a reminder to us about the risks of storing assets on exchange platforms, because you never know when they will shut down their services and make it harder for you to withdraw funds from there.

[Slow death]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

This exchange market has become very competitive, there are 240 exchanges listed on CoinMarketCap. And all exchanges are offering the same things. The regulation has created even more headaches for exchange owners, and the fact that many exchange owners don't like to comply with laws and don't like to respect their customers makes the situation worse. For example, just today I read this news:

Users reported withdrawal delays and freeze notices as wallets attributed to BitMart fell to about $69 million and its BMX token extended an 81.5% weekly decline.

source: https://cointelegraph.com/news/bitmart-withdrawals-slow-exchange-wind-down

With behaviors like these, people will focus on using only a few exchanges they feel safe with, and governments will tighten laws for exchanges, as seen here:

BitMEX hit with 623 BTC lawsuit on day it announces shutdown

source: https://cointelegraph.com/news/bitmex-liquidation-fraud-lawsuit-shutdown

I believe we will see more exchanges closing.

[$crypto$]

No, the current market is not yet to the lowest point at least for now, going forward we do not know how the market is moving, the decline is now almost 50% from the previous ATH, but you can compare with the history of the previous cycle where the decline touched 76%. https://newhedge.io/bitcoin/price-drawdown

Well it's a bit strange why exchanges close in a row, behind that there are certainly problems, obstacles, or crises that cause them to stop.

At least this is not the incidence of exchange collapse or bankruptcy, this closure does not surprise the market into a crash.

[Odusko]

Exchange with low or minimum regulatory compliance amd cases against them will keep shouting down like this and this will not be the last of the list. And for those who are storing they assets om exchanges, its another warning to take extra action to keep your fund safe and off any Exchange at least,am not surprised to see names like Bitmex because their cases against them already and all that is going to come to limelight now that their announce they shouting down.

[dwyane36]

But why are their names looking similar? Also I noticed that Bitmex and BitMart are closing down almost at the same time.

In the crypto industry, those who come up with names for various projects don’t have much imagination. Whether it’s centralized exchanges or any other unrelated services, if you pay attention to their names, you’ll notice that many of them contain "bit." For example, exchanges like Bitget, Upbit, Bybit, Bitfinex, Bithumb, Bitstamp, and so on.

[Ruttoshi]

There are separate threads on this forum that these exchanges close down are discussed about. But why are their names looking similar? Also I noticed that Bitmex and BitMart are closing down almost at the same time.

They have been unable to meet up to standard and they are leaving for those that are the fittest. I am not using any of the exchanges and I do not leave money on exchanges.

The bear market is a bad season for exchanges and miners. This is why you see that during the bear period exchange do shut down. It was similar time like this in 2022 bear market that  FTX also crashed due to mismanagement of customers funds.

The bear market also affect miners because some of them do shut down their mining rigs at this time especially, those exchange and miners without any backup plan for periods like this.

[jossiel]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

A serious impact of the bearish season and possibly that we're in the bottom of it but, I'll wait until the next coming months because there could be even more and might be the lowest.

I'm not familiar with bitmax but yeah, it's a tier 2 exchange. And the reason for their shutdown is composed of many factors but just as the others, mainly about finances.

But why are their names looking similar?

It's strategical, and my guess is that it is related to 'bit' = bitcoin and easier to understand that when there's a bit in it, it means crypto.

[fullfitlarry]

I agree with @Orpichukwu has said, this is just a tier-2 or even tier-3 exchange. If we will have a poll here, majority might not even have known or even used this crypto exchange. In any case, we already know that we shouldn't put more money in an exchange.

That is a very bad idea in cases something like this happens. And most likely those 3 exchanges might have shut down because of the current market situations. Market are so bad right now that there have been a lot of outflows.

[hugeblack]

Since no fraud or loss of user funds has been reported, I don't think there's a problem with these platforms announcing their closure.

Competition or legal complexities might be the reason, but new alternatives will inevitably emerge.

[Bitcoin_Arena]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

That is the effect of the bear market. Most of the services are struggling to make ends meet, so I am not surprised to see such shutdowns. Some mining companies are switching their resources to AI. I am also seeing some casinos closing down. It's getting ugly out there.

[Pegiz]

All of them urge you to withdraw and I personally recommend you to withdraw as soon as possible

Worth separating these three, because they aren't the same kind of event and the risk profile is very different.

AscendEX is the one people should actually worry about. They stopped on 1 July — the same day MiCA took full effect, and they weren't authorised under it. Withdrawals there aren't on a normal schedule: every request goes to manual review, and their own notice says some may not process at all. ZachXBT had flagged their hot wallets running low on ETH/USDT/SOL less than a week before. That's a solvency-shaped problem, not a wind-down.

BitMEX and BitMart look completely different. BitMEX is reduce-only from 26 August, hard cutoff 23 September 04:00 UTC, anything still open gets force-liquidated. The part most coverage skipped: after closure they charge $50/month or 1% of balance, whichever is higher, on leftover KYC'd accounts. Don't leave dust behind.

BitMart: trading ends 26 August, but withdrawals stay open until 31 January 2027 — though they've said requests may get extra compliance checks.

So on the bottom question — I'd read AscendEX as a MiCA casualty rather than a market signal. That July deadline is going to take out more non-authorised venues serving EU users, and that has nothing to do with where BTC trades.

[MArsland]

There are separate threads on this forum that these exchanges close down are discussed about. But why are their names looking similar? Also I noticed that Bitmex and BitMart are closing down almost at the same time.

They have been unable to meet up to standard and they are leaving for those that are the fittest. I am not using any of the exchanges and I do not leave money on exchanges.

The bear market is a bad season for exchanges and miners. This is why you see that during the bear period exchange do shut down. It was similar time like this in 2022 bear market that  FTX also crashed due to mismanagement of customers funds.

The bear market also affect miners because some of them do shut down their mining rigs at this time especially, those exchange and miners without any backup plan for periods like this.

The closures of several markets were not entirely due to the bear market, but rather to their struggle to survive and inability to comply with regulations required to operate in Europe. Exchanges like Binance were not immune, while the FTX case was purely due to its owner committing fraud with customer funds. Unlike Bitmart, Bitmex and AscendEX closures were more due to declining profits and regulatory concerns.

FTX: https://www.sec.gov/newsroom/press-releases/2022-219
Bitmart : https://bitmart.zendesk.com/hc/en-us/articles/53544595916059-Important-Notice-Regarding-the-Orderly-Cessation-of-BitMart-Operations
Bitmex : https://www.bitmex.com/blog/bitmex-closure
AscendEX : https://www.theblock.co/post/407654/ascendex-shuts-down

[Josefjix]

Since no fraud or loss of user funds has been reported, I don't think there's a problem with these platforms announcing their closure.

Competition or legal complexities might be the reason, but new alternatives will inevitably emerge.

Yes, closure of exchange does happen and they are not the first and last that had and will ever occur. It would've been more awkward if they close down without informing users.

Bitmart is located in which country?

[goldkingcoiner]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

Bitmex closing shutdown is taken effect September 2026 not 2023 I guess that’s what you mean

They are tier 2 exchanges that were once part of tier 1. As time goes on, they continue dropping down. This won’t be the last; a lot of these old exchanges which have been known for long will soon be shutting down, as their names are not even popular these days until now that they are about to permanently close and their closure is making headlines.

Tier 2? Maybe. But it feels more like tier 3 at this point.

I am not at all surprised by this news of these exchanges shutting down. Just like with any business, whether digital or not, if the competition is drowning your business out then it was not really a good business in the first place.

They should have refocused and thought a little about their service offering before they became lower tier.

It's like with Blockbuster. They refused to adapt and eventually fizzled out of existance...

[Taskford]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

Bitmex closing shutdown is taken effect September 2026 not 2023 I guess that’s what you mean

They are tier 2 exchanges that were once part of tier 1. As time goes on, they continue dropping down. This won’t be the last; a lot of these old exchanges which have been known for long will soon be shutting down, as their names are not even popular these days until now that they are about to permanently close and their closure is making headlines.

I am not at all surprised by this news of these exchanges shutting down. Just like with any business, whether digital or not, if the competition is drowning your business out then it was not really a good business in the first place.

They should have refocused and thought a little about their service offering before they became lower tier.

It's like with Blockbuster. They refused to adapt and eventually fizzled out of existance...

We don't hear much about this exchange for many occasions and it seems that they missed neglect to do further action to maintain their exposure. Now they are suffering and came to the point that they decide to shutdown their platform.

If they just kept up and try to market their exchange well, then do lots of gimmicks to attract and earn exposure maybe they will not fall on bad position.

That closure means that no top business is safe for long term, no adaption or adjustment made means they are bound to fail the same with those exchange mentioned by OP.

[m2017]

Your thread title is laced with panic. It's no secret that storing crypto assets carries risks due to the loss of control over the assets (so maybe it's better not to store crypto there at all?). But if these exchanges shut down, they give users time to withdraw their remaining funds. At least, I saw information of this nature from BitMex in the news.

All of them urge you to withdraw and I personally recommend you to withdraw as soon as possible if you have capital like altcoins deployed in exchanges mentioned above, because the company might be insolvent and there might be liquidity problem although all of them are giving withdrawal windows.

Are you worried that the last users will simply not be paid due to a lack of funds?

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

In my opinion, the signs of a bearish bottom of the season are other indicators that we've been observing for quite some time now.

The reason for what happened to the exchanges may be their lack of competitiveness, and the crypto market "squeezing out" weakened players.


Wouldn't this topic be better placed in the exchangers section rather than the altcoins section?

[Abu-Naim]

I wonder if it marks the bearish bottom of the season? what do you think? Although they are only tier 2 exchange, but 3 in a row is not something that happen too often.

The bear market really affects Ted so many projects, and most of these exchange owners depends on some coins they are holding, and when they lose money, they have no option than to leave their exchange if they don’t have money to keep maintaining the platform.

We have to be wise and avoid trusting these centralized exchanges, they can go down anytime and some might not notify us to withdraw our funds. Always stick to your personal wallets that you have the private keys in your custody.