BitMart to Wind Down Exchange as BMX Tanks
BitMart said withdrawals remain open, but users may face added identity and compliance checks as BMX fell nearly 70% after the announcement.
- On Sunday, cryptocurrency exchange BitMart announced it will wind down operations after nine years, sending its native token BMX down 58% over 24 hours. Trading ends Aug. 26, with the platform ceasing operations Jan. 31, 2027.
- BitMart attributed the decision to its "operating conditions, market environment, and future strategic direction." The exchange joins BitMEX and Dango, which both announced closures this week as crypto platform consolidation accelerates.
- Former CEO Nenter Chow stated on Sunday he was terminated Friday and excluded from shutdown decisions. Arkham data showed BitMart wallets held about $71 million in crypto assets, down from roughly $102 million on July 6.
- Users reported withdrawal delays amid confusion between BitMart and BitMEX, prompting the exchange to warn that requests face additional compliance reviews. BitMart urged users to close positions before the August cutoff.
- BMX, already down about 70% over the past year, saw Sunday's 58% crash extend a long decline rather than start one. Despite closure, BitMart reported about $1.6 billion in 24-hour volume, suggesting users unwound positions.
46 Articles
46 Articles
BitMart Begins Wind-Down as Global CEO Says He Found Out With Everyone Else
Crypto exchange BitMart has begun winding down its trading platform, suspending new registrations, deposits and orders ahead of a full trading halt on Aug. 26. The exchange in a Sunday notice said the decision followed an evaluation of its operating conditions, market environment and strategic direction. All spot, futures and other trading services stop at 01:00 UTC on Aug. 26, and BitMart plans to cease platform operations at 15:59 UTC on Jan. …
Founded 9 years ago, the crypto exchange claimed 13 million users in more than 180 countries. Its customers are forced to withdraw their funds before August 26th.
BitMart processed just 63 withdrawals after closure announcement
Crypto researchers claim crypto exchange BitMart is processing withdrawals at a dramatically slow rate after it announced plans to shut down its operations next year. BitMart claimed that after assessing its “operating conditions, market environment, and future strategic direction,” its operations would cease to exist on January 31, 2027 — a decision at odds with its seemingly bullish outlook. Deposits, new account registrations, and new trades …
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