US-based crypto exchange ABFinance, founded by ByBit’s former CEO Helen Liu, closed its doors last week before it ever opened.
ABFinance announced last Friday that the exchange’s planned launch will no longer go forward and that it is “winding down in an orderly manner.”
ABFinance lasted six months
Liu founded the exchange in March before stepping down from her ByBit co-CEO role on April 30, 2026.
After ABFinance’s closure, Liu thanked her team and said: “It’s difficult to see this chapter come to an end.”
Over the last six weeks, BitMart, BitMEX, and AscendEX have also announced that they will be closing shop.
Read more: AscendEx shutdown: Uncertainty over withdrawals as hot wallets lack funds
Exchanges are leaving users worried for their funds
BitMart closed down despite its bullish outlook, and now, after it has continued to process withdrawals at an incredibly slow pace, users have begun to speculate that the exchange might be insolvent.
BitMart’s founder recently threatened legal action against posts from an official BitMart account demanding transparency on the status of user funds.
This prompted crypto detective ZachXBT to note, “If you actually have the liquidity then simply return the funds to everyone instead of posting vague statements?”
BitMEX said it will close down in September, leaving users wondering what it will do about $270 million sitting in a house insurance fund.
AscendEX also shut down amid withdrawal worries after ZachXBT flagged that the exchange was missing large sums of ETH, USDT, USDT, SOL, and more in its reserves.
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