Digital-asset industry faces new casualties as trading slump deepens

The crypto industry is thinning out. BitMEX, once one of the most powerful derivatives exchanges on the planet, will permanently shut its doors in September 2026. BitMart announced its own closure in late July. Movement Labs and Storj Labs both filed for Chapter 11 bankruptcy the same month. Four notable names, gone in a matter of weeks. Spot trading volume on major centralized exchanges sank to $1.05 trillion in April 2026, the lowest level in 25 months. South Korean exchanges, which once rivaled the US in retail frenzy, saw volumes collapse 88% year-over-year. The exchange graveyard grows BitMEX’s closure caps a long decline that began with its regulatory troubles years ago. The exchange pioneered perpetual swap contracts, a product now standard across the industry, but it never fully recovered from the legal scrutiny that followed. September 2026 will mark the final chapter, with a potential class-action lawsuit still looming over the platform even as it winds down. BitMart’s exit has been more abrupt. Users were told to complete all trades within 30 days and withdraw funds within six months. The exchange’s native BMX token plunged 58% after the announcement. Movement Labs and S...