BitMart Becomes Latest Crypto Exchange to Shut Down

Crypto exchange BitMart said Sunday it will wind down its trading platform after nine years, sending its BMX token crashing and marking the second major crypto exchange to announce its closure in a week.

The exchange stopped taking new registrations, deposits, and orders from 01:30 UTC on Sunday. All spot and derivatives trading ends August 26, and the platform formally shuts on January 31, 2027.

The platform added that it “remains committed to managing this wind-down process in a responsible, orderly, and transparent manner.” Withdrawals remain open, though BitMart warned that identity, device, sanctions, and source-of-funds checks could slow processing as users rush to exit.

BitMart blamed its “operating conditions, market environment, and future strategic direction,” without saying which forced the decision. BMX, its exchange token, has crashed 81% over the past week to $0.057, cutting its market value to $19.6 million, according to CoinGecko data.

The platform lost $196 million to a hot-wallet breach in December 2021, one of the larger exchange hacks of that cycle, and covered customer losses.

The shutdown lands days after perpetuals venue BitMEX said it would close after 11 years. The run of exits reflects a broader shakeout, according to Roshan Dharia, CEO of investment firm Echo Base, who told Decryptthat “We are entering a period of significant consolidation in digital assets.” The companies that navigate the turmoil successfully, Dharia added, will be those that “recognize the pressure early, act decisively, and secure the right capital and strategic support before their options narrow.”