Whoa! Two veteran exchanges collapsed in just 3 days! Crypto exchanges, once seen as 'money printers,' are now struggling to even maintain basic operations. July 23: BitMEX fired the first shot, announcing a complete shutdown on September 23, with registrations halted effective immediately. July 26: BitMart followed suit, ceasing all trading on August 26, leaving users with an extremely narrow window. First half of 2026: Coinbase and Gemini went on a layoff spree, cutting 14% and 30% of their workforce, replacing thousands of positions with AI Agents. On one side, on-platform liquidity has dried up—retail traders have stopped trading crypto, and the commission model is no longer viable. On the other side, top-tier giants are slashing operational costs to the bone with AI Agents. Caught in the squeeze, mid-sized and small exchanges can’t compete on compliance and liquidity, nor can they afford the cost of tech upgrades. Shutting down is their only way out.