CZ Urges Self Custody As Two Crypto Exchanges Shut Down

Two Major Exchanges Announce Wind-Downs Days Apart

Binance co-founder Changpeng Zhao (@cz_binance) is urging users to take control of their own assets after two crypto exchanges confirmed they are shutting down within days of each other.

BitMEX announced on July 23, 2026, that it would close its crypto exchange on September 23, 2026, following a strategic review of the business and broader digital asset market. The exchange, operated by HDR Global Trading Limited, said it would immediately stop new account registrations while allowing existing users time to close positions and withdraw funds before the shutdown deadline.

Crypto exchange BitMart announced on July 26, 2026, that it has begun an orderly wind-down of its trading platform operations following an evaluation of its business conditions, market environment, and future strategy. All trading, spot and derivatives, ends on August 26, and the platform formally ceases operations on January 31, 2027. The closure sent BitMart's BMX token down about 58% in 24 hours, extending a yearlong slide of roughly 70%.

Withdrawals stay open throughout, though BitMart urged users to complete identity checks, close positions, and submit withdrawal requests before the August cutoff.

CZ Points Users Toward Self Custody and Larger Platforms

Against this backdrop, @cz_binance took to social media to advise users on how to protect their holdings. He said users who can safely manage their seed phrases should consider self custody, while those who cannot should stick to larger exchanges with the financial strength to remain operational. He pointed to Trust Wallet and Binance as examples of both options.

The advice reflects a broader concern about counterparty risk in the mid-tier exchange segment. Compressed trading fees combined with rising compliance costs have made the mid-tier exchange model increasingly difficult to sustain. Two major crypto trading platforms shut down in just four days, a pace that has rattled retail users holding funds on smaller centralized venues.

Withdrawal review queues tend to lengthen as deadlines approach, and users who move in the first week of a wind-down generally exit more cleanly than those who wait. CZ's message is consistent with that reality: whether through self custody or a large, well-capitalised exchange, users should not leave assets on platforms facing operational uncertainty.

Sources:
CoinDesk: Crypto exchange BitMart to shut down after nine years, BMX token crashes 58%
Bitcoin.com News: BitMart Begins Shutdown Process as Crypto Exchange Sets Final Trading Deadline
Finance Magnates: BitMart Winds Down Trading as Exchange Closures Pile Up