{"investigation":{"slug":"mid-tier-exchange-closure-wave-2026-ascendex-bitmex-bitmart-coinex","entity_name":"Mid-Tier Exchange Closure Wave 2026 (AscendEX, BitMEX, BitMart, CoinEx)","trust_score":30,"severity_base":null,"score_modifier":0,"confidence":0.82,"status":"published","content_type":"investigation","summary":"Between July 1 and September 29, 2026, four mid-tier centralized exchanges — AscendEX, BitMEX, BitMart, and CoinEx — announced or completed shutdowns within a roughly 90-day window, representing the largest cluster of simultaneous exchange closures in the industry's history. Each cited a convergence of declining trading volumes, rising multi-jurisdiction regulatory compliance costs, and deteriorating market conditions as primary drivers. The closures present materially different risk profiles for affected users: AscendEX and BitMart have raised active solvency and fund-recovery concerns, while BitMEX and CoinEx are conducting more orderly wind-downs with verifiable reserve disclosures.","sections":[{"content":"Four mid-tier centralized exchanges announced operational shutdowns within approximately 90 days of one another in mid-2026. AscendEX ceased operations on July 1, 2026, citing the EU's MiCA regulatory deadline and a failed strategic liquidity transaction. BitMEX announced its closure on July 23, 2026, with trading ending September 23, 2026, after an internal strategic review found the business no longer viable. BitMart announced an orderly wind-down on July 26, 2026, halting trading August 26, 2026, with the platform scheduled to close fully by January 31, 2027. CoinEx announced on September 14 or 15, 2026, that it would halt trading September 29, 2026 and close withdrawals by December 22, 2026. According to analysis cited by KuCoin, Binance alone held more than 40% of tracked spot volume in August 2026, and the top four exchanges processed approximately 68% of reported spot volume. Top-10 CEX spot volume fell from $4.5 trillion in Q4 2025 to $1.95 trillion in Q2 2026, a combined decline of approximately 57%, compressing mid-tier revenues to levels insufficient to cover fixed compliance and operational costs.","heading":"Overview of the Closure Cluster","sources":[{"url":"https://www.kucoin.com/blog/coinex-shutdown-2026-what-mid-tier-crypto-exchange-closures-signal","name":"CoinEx Shutdown 2026: What Mid-Tier Crypto Exchange Closures Signal (KuCoin)","type":"news_article","credibility":2},{"url":"https://finance.yahoo.com/markets/crypto/articles/bitmex-exchange-announces-shutdown-ending-081039937.html","name":"BitMEX Exchange Announces Shut Down, Ending 11-Year Run (Yahoo Finance / CoinDesk)","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/markets/2026/07/26/crypto-exchange-bitmart-to-shut-down-after-nine-years-bmx-token-crashes-58","name":"Crypto Exchange BitMart to Shut Down After Nine Years (CoinDesk)","type":"news_article","credibility":1},{"url":"https://www.cryptotimes.io/2026/09/15/coinex-announces-shutdown-after-9-years-withdrawals-open-until-december-22-2026/","name":"CoinEx Announces Shutdown After 9 Years, Withdrawals Open Until December 22, 2026 (CryptoTimes)","type":"news_article","credibility":2}],"severity":"high"},{"content":"AscendEX ceased all operations on July 1, 2026, the same day the EU's MiCA transitional period ended. The exchange held no MiCA authorization and also cited a failed strategic liquidity transaction: the exchange stated it had 'relied on an agreed strategic transaction' to supply liquidity for further development, but the counterparty did not perform. On June 26, 2026 — five days before the official shutdown — on-chain investigator ZachXBT publicly flagged extensive withdrawal delays and found that the exchange's known hot wallets showed critically depleted reserves across major assets including ETH, USDT, and SOL. A $240 million liquidity outflow had been recorded on June 20, 2026. Starting July 6, the exchange moved all withdrawal requests to manual review and issued an explicit disclaimer that 'Withdrawals may be delayed, or may not be processed during the review period. The timing or amount of withdrawals cannot be guaranteed at this time.' Co-founder George Cao did not make any public statement and did not respond to contact attempts by affected users, according to reporting by multiple outlets. AscendEX's X account went inactive. As of the reporting available to this investigation, no guaranteed withdrawal timeline has been provided and the status of user funds remains uncertain. ZachXBT's findings are those of an on-chain investigator rather than a regulator, and should be read as an investigative alert, not a legal finding.","heading":"AscendEX: Solvency Concerns and Withdrawal Freeze","sources":[{"url":"https://thedefiant.io/news/cefi/ascendex-halts-operations-freezes-automated-withdrawals","name":"AscendEX Halts Operations, Freezes Automated Withdrawals (The Defiant)","type":"news_article","credibility":2},{"url":"https://cryptobriefing.com/ascendex-ceases-operations-zachxbt-warning/","name":"AscendEX Ceases Operations After ZachXBT Warning (Crypto Briefing)","type":"news_article","credibility":2},{"url":"https://cryptorank.io/news/feed/0197c-zachxbt-questions-ascendex-reserves-as-users-report-weeks-long-withdrawal-delays","name":"ZachXBT Questions AscendEX Reserves as Users Report Weeks-Long Withdrawal Delays (CryptoRank)","type":"on_chain","credibility":2},{"url":"https://bingx.com/en/flash-news/post/ascendex-to-halt-trading-july-and-move-withdrawals-to-manual-review-from-july","name":"AscendEX to Shut Down July 1, 2026 as Liquidity Dries Up and Founder Remains Silent (BingX Flash News)","type":"news_article","credibility":2},{"url":"https://incrypted.com/en/ascendex-shuts-down-withdrawals-are-delayed-and-reserves-empty/","name":"AscendEX Shuts Down as Withdrawals Are Delayed and Reserves Appear Nearly Empty (Incrypted)","type":"news_article","credibility":2},{"url":"https://www.crowdfundinsider.com/2026/07/290550-crypto-exchange-ascendex-halts-all-operations-offers-no-guarantees-on-customer-fund-withdrawals/","name":"Crypto Exchange AscendEX Halts All Operations, Offers No Guarantees On Customer Fund Withdrawals (Crowdfund Insider)","type":"news_article","credibility":2}],"severity":"critical"},{"content":"BitMart announced on July 26, 2026 that it was commencing an 'orderly wind-down,' halting new registrations, deposits, and order submissions from 01:30 UTC that day. Trading ended August 26, 2026 at 01:00 UTC and withdrawal requests were cut off at 05:00 UTC the same morning. BitMart's BMX native token fell approximately 58% within 24 hours of the announcement. Despite promising withdrawal access during wind-down, numerous users reported that withdrawal requests remained perpetually pending after August 26. On August 6, 2026, distressed-asset investment firm Echo Base submitted a written proposal to BitMart management offering up to $10 million to sponsor a pre-negotiated bankruptcy filing. According to Echo Base, BitMart did not respond to the proposal or to a formal demand delivered on August 8, despite 15 documented contact attempts. On September 2, 2026, Echo Base organized an ad hoc claimholder committee of affected customers, retaining law firms Young Conaway Stargatt & Taylor, LLP and Ashbury Legal PC to evaluate bankruptcy, regulatory, and other recovery options, and weighing an involuntary insolvency filing. BitMart had committed to publishing a restructuring roadmap by September 9, 2026. That deadline passed without delivery; the exchange instead announced the appointment of Alvarez & Marsal as financial adviser and promised a further update 'in about three weeks.' This marked the second missed deadline: BitMart had previously failed to publish reserve figures by August 19. Customers still lack audited asset balance statements, estimates of creditor recovery amounts, or a withdrawal resumption timeline. BitMart founder Sheldon Xia has reportedly acknowledged the restructuring process but has not publicly addressed individual withdrawal claims. The use of the term 'creditors' by BitMart signals that customers are being treated as unsecured creditors rather than as holders of segregated assets — a materially less favorable legal position than customers of regulated brokerages. No court filing, regulatory action, or bankruptcy proceeding has been confirmed as of this writing.","heading":"BitMart: Frozen Withdrawals, Missed Deadlines, and Creditor Organization","sources":[{"url":"https://finance.yahoo.com/markets/crypto/articles/bitmart-becomes-latest-crypto-exchange-095720508.html","name":"BitMart Becomes Latest Crypto Exchange to Shut Down (Yahoo Finance)","type":"news_article","credibility":2},{"url":"https://sonnlaw.com/bitmart-misses-september-9-deadline/","name":"BitMart Misses Its Own September 9 Deadline: What It Means for Customers (Sonn Law Group)","type":"news_article","credibility":2},{"url":"https://unchainedcrypto.com/echo-base-forms-bitmart-claimholder-committee-weighs-involuntary-bankruptcy/","name":"Echo Base Forms BitMart Claimholder Committee, Weighs Bankruptcy (Unchained)","type":"news_article","credibility":2},{"url":"https://crypto.news/bitmart-creditors-organize-after-10m-rescue-offer/","name":"BitMart Creditors Organize After $10M Rescue Offer (Crypto.news)","type":"news_article","credibility":2},{"url":"https://crypto-economy.com/bitmart-faces-new-scrutiny-after-roadmap-slip-and-adviser-led-operational-review/","name":"BitMart Faces New Scrutiny After Roadmap Slip and Adviser-Led Operational Review (Crypto Economy)","type":"news_article","credibility":2},{"url":"https://sonnlaw.com/bitmart-crypto-regulation-gap-investor-analysis/","name":"The BitMart Problem: What Happens to Customer Crypto When No Federal Regulator Is Watching (Sonn Law Group)","type":"news_article","credibility":2}],"severity":"critical"},{"content":"BitMEX, founded in 2014 and widely credited with inventing the cryptocurrency perpetual swap contract, announced its shutdown on July 23, 2026, citing an internal strategic review. The exchange ceased operations on September 23, 2026 at 04:00 UTC. At announcement, BitMEX accounted for less than 0.01% of global derivatives volumes, with estimated daily activity of approximately $400,000 — down from a peak when it handled 57% of global derivatives volume. BitMEX stated that all assets exceeded liabilities per its Proof of Reserves documentation and that the exchange had never lost a customer's funds to a hack in its 11-year history. Users were given until September 23 to withdraw; remaining balances face an annual fee of approximately 1% (minimum equivalent of $50), with the platform remaining accessible for balance viewing and withdrawals post-closure. A proposed class-action lawsuit was filed on July 23, 2026 — the same day as the shutdown announcement — by BKX Services and trader David Namdar in the U.S. District Court for the Southern District of New York. The complaint alleges BitMEX operated an internal trading desk with access to private customer order data and that the desk continued operating during server outages that prevented ordinary users from managing positions, resulting in allegedly improper liquidations totalling approximately 622.66 BTC (approximately $40.7 million). BitMEX denied the allegations, calling the suit 'another opportunistic claim without merit.' As of this writing, the lawsuit is in early stages and no adjudication has been made. A separate unresolved question concerns the fate of BitMEX's insurance fund, which held approximately 3,694 BTC and over $30 million in USDT — valued at roughly $270 million — at the time of the shutdown announcement. Flashbots executive Hasu and others have noted that the fund lacks segregated accounts and has no disclosed asset allocation plan for excess funds; the fund is not customer-owned and would generally revert to BitMEX's parent company HDR Global Trading Limited after all customer liabilities are settled. BitMEX previously reached settlements in 2021–2022 with the CFTC and DOJ: BitMEX paid $100 million to the CFTC and FinCEN to resolve charges of operating an unregistered trading platform and AML failures; co-founders Arthur Hayes and Benjamin Delo pled guilty to Bank Secrecy Act violations in February 2022 and received sentences of two years' probation with home confinement. Those matters were resolved prior to the 2026 closure.","heading":"BitMEX: Orderly Closure with Concurrent Lawsuit and Insurance Fund Questions","sources":[{"url":"https://www.bitmex.com/blog/bitmex-closure/","name":"BitMEX Exchange to Sunset on 23 September at 04:00 UTC (BitMEX Official Blog)","type":"official","credibility":1},{"url":"https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23","name":"BitMEX Notifies Users That It Is Shutting Down Operations After an 11-Year Run (CoinDesk)","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/business/2026/07/24/bitmex-faces-proposed-class-action-suit-for-theft-insider-trading-as-crypto-exchange-shuts-down","name":"Crypto Exchange BitMEX Sued for 623 Bitcoin as It Prepares to Shut Down (CoinDesk)","type":"court_filing","credibility":1},{"url":"https://cryptobriefing.com/bitmex-sued-after-shutdown-announcement/","name":"BitMEX Hit With $40.7 Million Lawsuit on Day It Announces September Shutdown (Crypto Briefing)","type":"news_article","credibility":2},{"url":"https://protos.com/bitmex-to-close-but-what-about-its-270m-insurance-fund/","name":"BitMEX to Close, But What About Its $270M Insurance Fund? (Protos)","type":"news_article","credibility":2},{"url":"https://www.forbes.com/sites/boazsobrado/2026/09/24/arthur-hayes-shock-bitmex-shuts-for-good-as-bitcoin-holds-87000/","name":"BitMEX Shuts Down For Good After 11 Years (Forbes)","type":"news_article","credibility":1},{"url":"https://blockworks.com/news/bitmex-founders-hayes-delo-plead-guilty-to-violating-us-bank-secrecy-act","name":"BitMEX Founders Hayes, Delo Plead Guilty to Violating US Bank Secrecy Act (Blockworks)","type":"regulatory","credibility":1}],"severity":"medium"},{"content":"CoinEx published its official cessation notice on September 14 or 15, 2026, announcing that trading would wind down through September 29, 2026 and that the withdrawal window would remain open until December 22, 2026. CoinEx cited a prolonged market downturn, shrinking trading volumes, and rising regulatory compliance costs across multiple jurisdictions. The exchange stated that reserves exceeded 100% and that all user assets are fully backed. CoinEx's native token CET is being retired at 0.005 USDT. Users who do not withdraw by December 22, 2026 will have their remaining balances transferred to independent custody and will be charged a monthly custody fee of 5% of the original balance recorded at the close of the withdrawal period. This fee compounds monthly and will continue to accrue until the final claims deadline of August 22, 2028. Users may submit manual custody recovery claims via email at support@coinex.com until that date. CoinEx Wallet and CoinEx Vault are described as separate products not included in the exchange shutdown. CoinEx experienced a significant security incident in September 2023 in which approximately $70 million in assets was stolen following a private key compromise; the incident was attributed to the North Korean Lazarus Group by blockchain analytics firm Elliptic. CoinEx stated at the time that affected users would be fully compensated. The 2023 hack is historical context; it preceded the 2026 shutdown by approximately three years and does not by itself indicate a causal link to the closure. The 5% monthly custody fee is a significant penalty that will erode balances rapidly for users who miss the December 22, 2026 deadline.","heading":"CoinEx: Orderly Shutdown with Custody Fee Penalty for Late Withdrawals","sources":[{"url":"https://www.coinex.com/en/announcements/detail/53539656293908","name":"Important Notice on CoinEx's Orderly Cessation of Operations (CoinEx Official)","type":"official","credibility":1},{"url":"https://fincrimeagent.com/news/issue-17/coinex-shuts-down-crypto-slump-compliance-costs/","name":"CoinEx to Shut Down After Nine Years, Cites Crypto Slump and Compliance Costs (FinCrime Agent)","type":"news_article","credibility":2},{"url":"https://coincodex.com/article/91963/coinex-shutdown-after-nine-years-of-operation-heres-what-users-need-to-know","name":"CoinEx Shutdown After Nine Years of Operation: Here's What Users Need to Know (CoinCodex)","type":"news_article","credibility":2},{"url":"https://bitpinas.com/cryptocurrency/coinex-shutdown","name":"CoinEx to Shut Down by December 2026: Key Deadlines and Withdrawal Guide (BitPinas)","type":"news_article","credibility":2},{"url":"https://en.cryptonomist.ch/2026/09/15/coinex-exchange-shutdown/","name":"CoinEx Exchange Shutdown: Timeline and User Asset Safety (Cryptonomist)","type":"news_article","credibility":2},{"url":"https://www.halborn.com/blog/post/explained-the-coinex-hack-september-2023","name":"Explained: The CoinEx Hack (September 2023) (Halborn)","type":"research","credibility":2}],"severity":"medium"},{"content":"Analysis from multiple sources identifies a convergence of structural pressures that rendered the mid-tier exchange business model uneconomical by 2026. First, volume concentration: top-10 CEX spot volume fell from $4.5 trillion in Q4 2025 to $1.95 trillion in Q2 2026, with the largest platforms capturing a disproportionate share of the remainder. Binance held more than 40% of tracked spot volume in August 2026, and the top four exchanges accounted for approximately 68% of reported global spot volume. Second, fixed compliance costs: MiCA compliance for exchange-scale EU operators reportedly costs between EUR 500,000 and EUR 2 million in the first year alone, with ongoing regulatory staffing adding several hundred thousand euros annually — a burden that does not scale downward with revenue. The MiCA transitional period ended July 1, 2026, creating a binary outcome for unlicensed platforms: obtain authorization or cease operating. AscendEX held no authorization and cited MiCA explicitly; Binance also stopped providing services to EU residents on July 1 after failing to obtain a licence, illustrating that the compliance burden affected even larger operators. Third, the competitive dynamics of liquidity: thinner order books at mid-tier venues migrate capital upward to larger platforms, creating a self-reinforcing cycle. CoinEx, for example, operated with approximately $81 million in 24-hour spot volume and $145.6 million in reported assets — well below the scale needed to generate revenue sufficient to cover fixed costs. Fourth, an inability to sell: BitMEX had reportedly been seeking potential buyers since at least February 2025 but failed to reach a deal, partly due to structural issues with its $270 million insurance fund, which lacked segregated accounts and had no disclosed allocation plan, making the business difficult to value and transfer.","heading":"Structural Drivers: Why Mid-Tier Exchanges Are Unviable","sources":[{"url":"https://www.kucoin.com/blog/coinex-shutdown-2026-what-mid-tier-crypto-exchange-closures-signal","name":"CoinEx Shutdown 2026: What Mid-Tier Crypto Exchange Closures Signal (KuCoin)","type":"news_article","credibility":2},{"url":"https://www.jewelswap.io/blog/crypto-exchange-closures-2026","name":"Why Crypto Exchanges Are Closing in 2026 (JewelSwap Blog)","type":"news_article","credibility":3},{"url":"https://beincrypto.com/why-bitmex-shut-down-2026/","name":"3 Real Reasons Why BitMEX is Shutting Down, and Who Could Be Next (BeInCrypto)","type":"news_article","credibility":2},{"url":"https://www.kucoin.com/news/flash/hasu-bitmex-s-insurance-fund-structural-and-legal-issues-hinder-sale-and-closure","name":"Hasu: BitMEX's Insurance Fund Structural and Legal Issues Hinder Sale and Closure (KuCoin Flash)","type":"news_article","credibility":2},{"url":"https://coinlaw.io/crypto-exchanges-under-mica-regulations-statistics/","name":"Crypto Exchanges Under MiCA Regulations Statistics 2026 (CoinLaw)","type":"research","credibility":2}],"severity":"medium"},{"content":"Users with balances across the four exchanges face materially different risk levels depending on the exchange. AscendEX has provided no guaranteed withdrawal timeline and no assurance that funds will be returned in full; affected users have been advised by multiple outlets to file formal withdrawal requests, document all correspondence, and report their situation to relevant financial regulators. BitMart has frozen withdrawal processing since August 26, 2026; users have not received an audited reserve disclosure or a recovery timeline. An ad hoc creditor committee organized by Echo Base is pursuing legal options including a potential involuntary insolvency filing; affected users with significant balances may wish to monitor that process. BitMEX's wind-down has been more transparent: the exchange published a Proof of Reserves statement confirming assets exceeded liabilities, and users retain access to accounts post-closure for viewing balances and submitting withdrawals, subject to a 1% annual fee (approximately $50 minimum) on unclaimed balances. CoinEx's December 22, 2026 withdrawal deadline is the most time-sensitive active deadline in the cluster. Users who miss it will be subject to a 5% monthly custody fee on the balance recorded at the close of the withdrawal period, with that fee accruing until the August 22, 2028 claim deadline. This means a user who misses the December 2026 deadline and does not file a custody claim until August 2028 could face approximately 20 months of 5% monthly fees — reducing the principal significantly before recovery. CoinEx's stated 100%-plus reserve ratio, if accurate, mitigates the risk of a shortfall, but the fee structure creates urgency regardless. Across all four closures, the combined affected user base is in the millions, though a precise aggregate figure for total assets at risk has not been publicly disclosed by any of the four exchanges or independently verified.","heading":"User Impact and Withdrawal Deadlines","sources":[{"url":"https://cryptoticker.io/en/crypto-exchange-deadlines-august-2026/","name":"Crypto Exchange Deadlines: Seven Dates Before August 31 (CryptoTicker)","type":"news_article","credibility":2},{"url":"https://www.kucoin.com/blog/coinex-shutdown-2026-what-mid-tier-crypto-exchange-closures-signal","name":"CoinEx Shutdown 2026: What Mid-Tier Crypto Exchange Closures Signal (KuCoin)","type":"news_article","credibility":2},{"url":"https://sonnlaw.com/bitmart-misses-september-9-deadline/","name":"BitMart Misses Its Own September 9 Deadline (Sonn Law Group)","type":"news_article","credibility":2},{"url":"https://www.cryptotimes.io/2026/09/15/coinex-announces-shutdown-after-9-years-withdrawals-open-until-december-22-2026/","name":"CoinEx Announces Shutdown After 9 Years, Withdrawals Open Until December 22, 2026 (CryptoTimes)","type":"news_article","credibility":2},{"url":"https://www.bitmex.com/blog/bitmex-closure/","name":"BitMEX Exchange to Sunset on 23 September at 04:00 UTC (BitMEX Official)","type":"official","credibility":1}],"severity":"high"}],"timeline":[{"date":"2025-02-01","event":"BitMEX reportedly began seeking potential buyers for the exchange; no deal was reached, partly due to structural complexity around its insurance fund.","source":"Protos","source_url":"https://protos.com/bitmex-to-close-but-what-about-its-270m-insurance-fund/"},{"date":"2026-06-20","event":"AscendEX recorded a $240 million liquidity outflow, heightening concerns about its reserve adequacy.","source":"Cryptopotato","source_url":"https://cryptopotato.com/zachxbt-warns-ascendex-users-of-potential-liquidity-issues-and-delayed-withdrawals/"},{"date":"2026-06-26","event":"On-chain investigator ZachXBT issued a public alert flagging extensive withdrawal delays on AscendEX alongside critically depleted hot wallet reserves.","source":"Crypto Briefing","source_url":"https://cryptobriefing.com/ascendex-ceases-operations-zachxbt-warning/"},{"date":"2026-07-01","event":"AscendEX ceased all operations citing lack of MiCA authorization and a failed strategic liquidity transaction. The EU MiCA transitional period also ended on this date.","source":"The Defiant","source_url":"https://thedefiant.io/news/cefi/ascendex-halts-operations-freezes-automated-withdrawals"},{"date":"2026-07-06","event":"AscendEX moved all withdrawal requests to manual review, offering no guaranteed timeline or assurance of full return of funds.","source":"Crowdfund Insider","source_url":"https://www.crowdfundinsider.com/2026/07/290550-crypto-exchange-ascendex-halts-all-operations-offers-no-guarantees-on-customer-fund-withdrawals/"},{"date":"2026-07-23","event":"BitMEX announced it would cease operations on September 23, 2026, citing an internal strategic review. A proposed class-action lawsuit was filed the same day by BKX Services and David Namdar, alleging improper liquidations totalling approximately 622.66 BTC ($40.7 million).","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23"},{"date":"2026-07-26","event":"BitMart announced an orderly wind-down, halting new registrations, deposits, and order submissions. BMX token fell approximately 58% within 24 hours.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/07/26/crypto-exchange-bitmart-to-shut-down-after-nine-years-bmx-token-crashes-58"},{"date":"2026-08-06","event":"Echo Base submitted a written proposal to BitMart management offering up to $10 million to fund a pre-negotiated bankruptcy. BitMart did not respond.","source":"Unchained","source_url":"https://unchainedcrypto.com/echo-base-forms-bitmart-claimholder-committee-weighs-involuntary-bankruptcy/"},{"date":"2026-08-08","event":"Echo Base delivered a formal demand to BitMart regarding a frozen withdrawal submitted July 24, documenting 15 unanswered contact attempts. BitMart did not respond.","source":"Unchained","source_url":"https://unchainedcrypto.com/echo-base-forms-bitmart-claimholder-committee-weighs-involuntary-bankruptcy/"},{"date":"2026-08-19","event":"BitMart missed its own deadline for publishing reserve figures and a repayment plan.","source":"Sonn Law Group","source_url":"https://sonnlaw.com/bitmart-misses-september-9-deadline/"},{"date":"2026-08-21","event":"BitMart announced a new commitment to publish a restructuring roadmap by September 9, 2026.","source":"Sonn Law Group","source_url":"https://sonnlaw.com/bitmart-misses-september-9-deadline/"},{"date":"2026-08-26","event":"BitMEX prohibited opening new positions (only closures permitted). BitMart halted trading at 01:00 UTC and cut off withdrawal request submissions at 05:00 UTC.","source":"CryptoTicker","source_url":"https://cryptoticker.io/en/crypto-exchange-deadlines-august-2026/"},{"date":"2026-09-02","event":"Echo Base announced formation of an ad hoc BitMart claimholder committee, retaining bankruptcy counsel and weighing involuntary insolvency proceedings.","source":"Crypto.news","source_url":"https://crypto.news/bitmart-creditors-organize-after-10m-rescue-offer/"},{"date":"2026-09-09","event":"BitMart missed its self-imposed September 9 deadline for publishing a restructuring roadmap. The exchange instead announced appointment of Alvarez & Marsal as financial adviser.","source":"Sonn Law Group","source_url":"https://sonnlaw.com/bitmart-misses-september-9-deadline/"},{"date":"2026-09-14","event":"CoinEx published its official cessation notice, announcing trading would halt September 29, 2026 and withdrawals would close December 22, 2026, with a 5% monthly custody fee on unclaimed balances thereafter.","source":"CryptoTimes","source_url":"https://www.cryptotimes.io/2026/09/15/coinex-announces-shutdown-after-9-years-withdrawals-open-until-december-22-2026/"},{"date":"2026-09-23","event":"BitMEX ceased all exchange operations at 04:00 UTC, ending an 11-year operating history. Withdrawals remained available post-closure subject to a 1% annual maintenance fee on unclaimed balances.","source":"BitMEX Official Blog","source_url":"https://www.bitmex.com/blog/bitmex-closure/"},{"date":"2026-09-29","event":"CoinEx halted all trading activity. Withdrawal window remains open until December 22, 2026.","source":"CoinCodex","source_url":"https://coincodex.com/article/91963/coinex-shutdown-after-nine-years-of-operation-heres-what-users-need-to-know"},{"date":"2026-12-22","event":"CoinEx withdrawal deadline. Unclaimed balances transfer to independent custody and begin accruing a 5% monthly custody fee.","source":"CoinEx Official","source_url":"https://www.coinex.com/en/announcements/detail/53539656293908"},{"date":"2027-01-31","event":"BitMart full platform closure scheduled.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/07/26/crypto-exchange-bitmart-to-shut-down-after-nine-years-bmx-token-crashes-58"},{"date":"2028-08-22","event":"CoinEx final deadline for custody recovery claims via email.","source":"CoinEx Official","source_url":"https://www.coinex.com/en/announcements/detail/53539656293908"}],"sources_used":[{"url":"https://www.bitmex.com/blog/bitmex-closure/","name":"BitMEX Exchange to Sunset on 23 September at 04:00 UTC (BitMEX Official Blog)","type":"official","archive_url":"http://web.archive.org/web/20260922162415/https://www.bitmex.com/blog/bitmex-closure","credibility":1,"archive_timestamp":"2026-09-22T16:24:15+00:00"},{"url":"https://www.coinex.com/en/announcements/detail/53539656293908","name":"Important Notice on CoinEx's Orderly Cessation of Operations (CoinEx Official)","type":"official","archive_url":"http://web.archive.org/web/20260925111007/https://www.coinex.com/en/announcements/detail/53539656293908","credibility":1,"archive_timestamp":"2026-09-25T11:10:07+00:00"},{"url":"https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23","name":"BitMEX Notifies Users That It Is Shutting Down Operations After an 11-Year Run 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