Crypto Market Slump: Four Major Platforms Shut Down Amid Regulatory Issues

The cryptocurrency market is facing a wave of shutdowns, with four major platforms announcing their closures within a month. BitMart, BitMEX, AscendEX, and EXMO.com have all scheduled their closures for different reasons, but none mention bankruptcy.

BitMart cited 'a strategic decision made after reviewing the activity' as the reason for its closure, despite having 13 million users across over 180 countries. The platform's native token, BMX, has already lost 81.5% in value in just seven days.

The other three platforms are shutting down due to various issues. BitMEX will close on September 23, with no buyer, after its founders pleaded guilty to failing to meet anti-money laundering obligations and were fined $100 million. AscendEX ceased operations on July 1 due to lack of a MiCA license and reliance on a financial operation that never materialized.

The closures come as the crypto market continues to operate slowly, with volumes remaining far from their peak in October 2025. Centralized platforms processed $4.99 trillion in June, but this is still lower than the $10.3 trillion peak seen last year. Investors are advised to withdraw funds before the platforms close, but each company sets its own rules for fund recovery.