Crypto Exchange Shakeout Deepens with BitMEX, BitMart, and AscendEX Exit

BitMEX's closure marks a turning point in the crypto exchange market. The platform, known for its perpetual swaps and high-leverage trading, is just one of three exchanges to shut down recently.

At the same time, compliance costs continue to rise and trading activity remains below previous bull market peaks. These trends have made it increasingly difficult for smaller exchanges to compete with larger platforms like Binance, Bybit, and OKX.

The recent closures highlight broader structural changes in the industry. Retail trading has slowed since the last bull run, and long-term holders now dominate Bitcoin ownership.