From Exchanges to Layer 2s, Crypto Closures Pile Up as Slump Drags On

Digital-asset exchange BitMart is set to shut its exchange business, joining a growing list of crypto-industry closures in 2026. This year, companies across the sector — from exchanges to decentralized finance, or DeFi, platforms — have been ending services. The extended market downturn is accelerating a shakeout in the digital-asset industry.

BitMart said on July 27 on its official website that it plans to phase out exchange operations. The company said the decision reflects its financial condition, market environment and future strategic direction.

BitMart’s native token, BMX, plunged after the announcement. As of 4:51 p.m., it was trading at $0.06389, down 20.67% from a day earlier. That was roughly 80% lower than a week earlier.

BitMart is not the only crypto-related project to announce a shutdown this year. According to digital-asset influencer Star Platinum, 66 projects have either shut down this year or said they plan to do so. They include perpetual futures exchange BitMEX, Dango and Across Protocol.

The wave of closures reflects weakness in the digital-asset market and more selective venture investing. Galaxy Digital Research said blockchain and digital-asset startups raised $4 billion in the first quarter, down 50% from the previous quarter. There were 355 deals, and 57% of the capital went to a small group of projects that had already demonstrated business performance.

Projects tied to revenue-generating themes such as real-world asset, or RWA, tokenization and stablecoins, which are pegged to fiat currencies, have recently drawn strong interest. According to RWA.xyz, the value of tokenized RWA stood at $36.82 billion as of July 27, up 3.94% from a month earlier. That was about 50% higher than at the start of the year.