Declining retail trading and regulatory pressures force closures of smaller platforms amid a two-year low in digital asset activity.
BitMEX and BitMart will cease operations as crypto trading volumes slump to $1.05 trillion, the lowest in over two years. BitMEX, a pioneer in perpetual swaps, will shut down permanently in September after facing prolonged regulatory challenges.
The closures highlight broader industry struggles, with at least three other firms announcing bankruptcies or shutdowns in the past week. Analysts attribute the downturn to fading retail speculation and rising compliance costs under new regulations like the EU’s MiCA framework.
BitMart users have 30 days to close trades and six months to withdraw funds, though delays have already raised concerns. The firm did not disclose reasons for its shutdown.