Under the Deep Bear Market, Veteran Exchanges Are Falling One After Another: The Risk Warning Behind
On July 23, BitMEX, the pioneer of perpetual contracts, announced that it would officially shut down operations on September 23. On July 26, BitMart, once ranked among the worlds top 10 cryptocurrency exchanges, announced that it would officially cease platform operations on January 31, 2027. Neither of these exchanges was an unknown small-scale platform. One had been operating for 11 years, while the other had been in operation for 8 years. Both were veteran exchanges that grew alongside the explosive expansion of the cryptocurrency industry and could be considered witnesses to the evolution of the crypto market. However, before BitMEX and BitMart announced their shutdowns, warning signs and risk forecasts had already emerged in the market. For example, WikiBit, a global cryptocurrency exchange regulatory verification and risk assessment platform, had already assigned relatively low risk scores to both exchanges: 5.48 for BitMEX and 5.16 for BitMart. Within a short period, both exchanges accumulated multiple risk alerts — 3 risk indicators for BitMEX and 6 for BitMart — including user complaints, significant increases in capital outflows, and cryptocurrency regulatory concerns. BitMEX and BitMart Risk Data (Source: WikiBit) Regardless of the reasons, the collapse of two relatively large exchanges within just one week has sent a chilling message throughout