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BitMEX to shut down after 11 years. CW 30 BitMEX and BitMart announced plans to cease operations. Movement Labs filed for bankruptcy after prolonged weak network activity. Meanwhile, Mirae Asset rebranded Korbit as Digital X following its acquisition, while LMAX explores strategic options, including a potential IPO or sale. BitMEX and BitMart announce exchange closures. Two cryptocurrency exchanges, BitMEX and BitMart, have announced they will cease operations. BitMEX, the pioneering derivatives exchange founded in 2014, will close on September 23, 2026, following a strategic review by its board. The exchange, known for inventing the 100x leverage perpetual swap, has stopped new account registrations immediately. From August 26, users can only reduce positions, not open new ones. All open positions will be force-closed at the closure time. BitMEX highlighted its 11-year track record of zero funds lost to hacks. Users are urged to withdraw funds before the deadline, after which account fees will apply to remaining balances. BitMart also announced an orderly cessation of operations, though specific details were not immediately available Movement Labs files for bankruptcy. The Movement blockchain has filed for bankruptcy after struggling to generate meaningful revenue since November 2025. According to DeFiLlama data, on-chain app daily revenue consistently fell below $800, while daily network fees remained in single digits, with just $1 in the past 24 hours. This poor performance came despite the project raising $141.4 million in total funding. The native token's fully diluted valuation has collapsed to $107 million, down over 99% from its peak. The stark contrast between the substantial capital raised and minimal operational revenue highlights the challenges facing the blockchain project. Mirae Asset rebrands Korbit to Digital X. South Korean financial giant Mirae Asset has completed its acquisition of 97.15% of local crypto exchange Korbit and rebranded it as Digital X. The company plans to build an investment ecosystem connecting RWA, security tokens, stablecoins, traditional assets, and digital assets. Mirae Asset emphasized its goal is not to surpass Upbit or Bithumb, but to combine global investment expertise with digital asset infrastructure to promote sustainable development in Korea's digital asset industry. Korbit currently holds less than 1% of the Korean market. Meanwhile, institutional forex and digital asset trading platform LMAX Group has hired Morgan Stanley and Stifel's KBW to evaluate strategic options, including a potential sale, SPAC merger, or IPO in the US or Europe. The company could be valued at up to $5 billion, with a Nasdaq listing being the preferred option. In 2021, J.C. Flowers acquired 30% of LMAX for $300 million, valuing the company at around $1 billion at the time. About 1token: 1Token is a digital asset investment management platform providing Crypto PMS, RMS, and Portfolio Accounting Software, managing over $20 billion in assets for more than 100 clients worldwide. All-in-one support designed for allocators, portfolio managers, treasury managers and fund operations and accountants, seeking transparency and control. * Front office (portfolio managers and traders) to view live position and exposure, calculate trading PnL and historical performance. * Middle office (ops and risk) to maintain portfolios and API accounts, book OTC trades, monitor risk metrics and analyze VaR/STV, generate shadow NAV with investor subscription/redemption/dividend. * Back office (admin and auditors) to collect and reconcile trades, generate valuation and PnL reporting under FIFO/WAC tax strategy.

Stifel CEO: recruiting boom 'disconnected' from forecasts AI will replace advisors. by Miriam Rozen July 22, 2026 Stifel Financial Chief Executive Ron Kruszewski is unruffled by the buzz that artificial intelligence could replace financial advisors and argued on Wednesday that the industry's fierce recruiting battles show firms are betting on people, not technology. "Market reactions have suggested that advances in AI will at least diminish the value of financial advice and at worst eliminate the need for financial advisors altogether," Kruszewski said on a conference call Wednesday morning after Stifel reported second quarter earnings. "This, however, is completely disconnected from what we are seeing in the market for financial advisors." Transition packages are "elevated," and recruiting of experienced advisors remains "as competitive as I've seen it," said Kruszewski, who has been CEO at Stifel for almost three decades. Kruszewski did not mention other firms by name, but at least one wirehouse, UBS Wealth Management USA, earlier this year unveiled a deal that could pay advisors as much as 550% of their trailing-12 month revenue provided they remain at the firm for a term of 16 years. Similarly, RIA investors and consolidators of independent broker-dealers have been snapping up firms at a record pace and at peak valuations, according to industry consultants. That has come even as fears of industry automation sunk stocks of large wealth managers, including Stifel, in February. Stifel's stock, which was up almost 2% following its earnings announcement, remains down around 9% from its price before the AI concerns shook investors. "Either the largest wealth management firms in the world are increasing investments into a business that apparently is going away...or the industry will continue to evolve with more capable and efficient advisors using AI to benefit their productivity and their clients' service," Kruszewski said. If anything, Stifel, which has historically shied away from raising its recruiting offers, is still in a "wait and see" mode as it waits for firms to potentially turn more cautious, but it has not stopped hiring, he added. "We need more talented people to take advantage of what I see as our ability to compete and gain greater market share," Kruszewski said. For several years, recruiting has been up and down for the St. Louis-based firm, which added advisors with annual revenue of $30 million over the past year, according to its second quarter earnings report. That was down from $50 million on a 12-month basis that Stifel reported in the first quarter, which included 36 advisors added through a purchase of B. Riley Financial's employee unit. Stifel, like many wealth firms, no longer reports its overall advisor headcount. It last reported it had around 2,300 brokers, including around 100 independent brokers in a unit that it sold to Equitable Advisors. Kruszewski said he felt that artificial intelligence would make his firm and advisors more efficient. AI software could also help with streamlining compliance, including ensuring that client communications conformed with the layers of regulation around marketing. The CEO did not put a specific figure in terms of net cost savings but said that the improved efficiency would outweigh expenditures on AI, including purchasing tokens. Meanwhile, Stifel's wealth division's income grew year-over-year 18% to $361.8 million, and revenue increased 13% to $956.5 million. Its total client assets rose 12% to $580.1 billion, according to the company's reporting. Fee-based client assets of $239.8 billion grew 16% from the year-ago quarter. * on Jul 22 2026, Susan Jones says: Keep thinking that. Will see what you will be saying in 5 years. Just remember you were warned. Reply to Susan Jones * on Jul 22 2026, Susan has nothing to do says: I'm sure your job is safe Reply to Susan has nothing to do * on Jul 22 2026, Truth says: Dire predictions about advisors were made when ETrade came out during the dot com mania. It will be the same as it relates to AI in 10 years. The advisory business will continue to grow as will advisor AUM and production across all channels. who owns E*trade now? Morgan. Just remember you were warned Reply to Truth * on Jul 23 2026, Expand says: Headline should be changed to "nothing will help people go to Stifel". My buddy almost went there 2 years ago. Bullet dodged. Get some top tier managers who are known entities and get some quality teams if you want to be taken seriously. Reply to Expand * on Jul 23 2026, TLR says: Maybe you should "expand" to reading their latest earnings report Reply to TLR Raymond James' CEO said it has had a bumper year while Ameriprise's top executive focused on in-house growth and rivals' irrational deals. Jul 23, 2026 Jul 21, 2026 Jul 17, 2026 Jul 16, 2026

Stifel Financial missed Wall Street's revenue expectations in Q2 2026, with sales falling 25.5% year on year to $956.5 million, significantly below analyst estimates of $1.42 billion. The financial services firm's non-GAAP profit of $1.42 per share beat consensus estimates by 4.3%. Despite the revenue miss, Stifel's assets under management grew 16.2% year on year to $239.8 billion. The company achieved a pre-tax profit of $361.8 million with a 37.8% margin. Chairman and chief executive officer highlighted the firm's record first half of 2026, noting improvements in operating leverage and balance sheet expansion. Stifel was ranked number one in employee advisor satisfaction by J.D. Power for the fourth consecutive year. Over the past five years, the St. Louis-based firm grew revenue at a 5% compounded annual growth rate.