Crypto Projects Hit Hard as Nearly 100 Firms Fold in 2026
Nearly 100 crypto projects have ceased operations in 2026, highlighting the sector's ongoing struggles. One of the most high-profile losses was BitMEX, a cryptocurrency exchange founded in 2014 by entrepreneurs in Hong Kong. The company later relocated its registration to the Seychelles and was known for popularizing perpetual cryptocurrency futures.
BitMart, an international crypto exchange registered in the Cayman Islands, also announced its closure. The platform had been operating for nearly ten years and was previously ranked among the world's top 20 exchanges by trading volume. On-chain analysts reported potential issues with the withdrawal of customer funds following the announcement of its closure.
AscendEX, an international exchange registered in Singapore, ceased operations on July 1 due to new European crypto market regulations (MiCA) and financial difficulties. In Europe, Knaken, a Dutch crypto exchange, was declared bankrupt by a court in Rotterdam on July 16. Approximately €7 million in client funds could not be located.
EXMO, one of the oldest crypto exchanges in Eastern Europe, registered in Poland, has begun liquidation proceedings. The platform had been operating since 2014 and was well known to users from CIS countries. The company attributed the closure to UK sanctions and other regulatory restrictions.