ABFinance, Startup Founded by Former Bybit Co-CEO Helen Liu, Cancels Launch and Winds Down
Key Takeaways
- •ABFinance, the U.S. startup founded by former Bybit co-CEO Helen Liu, announced on August 14 that it would not proceed with its launch and would conduct an orderly wind-down, without citing a specific reason.
- •The platform, unveiled in mid-March, was conceived as a fully licensed U.S. service combining deposits, trading, earning, and payments while bridging fiat currency and crypto.
- •The company did not clarify the future of ABF Learn, its education program for students and early-career professionals, which was its only released offering since the platform never reached public launch.
- •ABFinance joins about 95 crypto projects, including 17 major ventures, that have shut down in 2026, with industry experts pointing to a long bear market and consolidation into fewer, larger platforms.
- •Established firms have also been affected this year: Bitmart closed after nine years, BitMEX ended an 11-year run, and Bitwise cut about 14% of its staff as its main index fund's net assets fell 48.27% to $532.8 million in the first half.
ABFinance, the U.S. financial startup founded by former Bybit co-CEO Helen Liu, has announced that it will not move forward with its launch and will begin winding down.
The decision adds to a difficult year for the sector, one that has swept up exchanges, asset managers, and infrastructure projects alike: 17 major crypto businesses and roughly 95 projects in total have already closed in 2026.
Why ABFinance is closing down
Helen Liu unveiled ABFinance in mid-March, days after Bybit confirmed her exit as she set out on what the exchange described as an entrepreneurial journey. Liu was building the platform in the United States with full U.S. licensing in place from day one. The product was conceived as a single platform that would handle deposits, trading, earning, and payments while linking fiat currency to crypto — a design closer to a full-service financial app spanning traditional and digital assets than a standalone exchange.
On August 14, about four months after the initial unveiling, ABFinance announced that it would not proceed with its launch and said it is "winding down in an orderly manner" in a post on its X (formerly Twitter) account.
The company thanked its community, its partners, and everyone who "built" alongside it.
No specific reason was given for the shutdown, and the company did not say what will happen to its education program. Because the platform never reached its public launch, that program, ABF Learn, was ABFinance's only export, designed for students and people early in their careers to help them understand how banking, AI, and digital assets work together — leaving its fate as the main open question for anyone who followed the project.
How difficult 2026 has been for crypto companies
ABFinance is one of many crypto companies to close in 2026. By late July, Cryptopolitan had counted 17 major crypto ventures that had shut down; in total, about 95 projects closed during the year. Industry experts blame the shutdowns on a long bear market and on businesses merging into fewer, larger platforms.
The pressure has not been confined to young startups. Other companies that shut down this year include Bitmart, which said in July that it would close its worldwide operations. The exchange had been running for nine years. BitMEX ended its 11-year run around the same time, while Bitwise cut about 14% of its staff in August. The company's main index fund lost substantial value, with net assets falling 48.27% to $532.8 million in the first half of the year.
In May, Syndicate Labs, Everclear and ZERO Network closed within hours of each other. Whether that pace continues through the rest of 2026 remains to be seen.
