BitMart to wind down exchange, end trading by Aug. 26
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- BitMart announced it will wind down its exchange and end trading by August 26, with some withdrawal requests potentially facing additional compliance and security reviews.
- BMX token fell below $0.10 after a brief Saturday recovery, extending losses that followed the shutdown news.
- BitMart wallets tracked by Arkham held roughly $71 million in crypto assets on Sunday, down from about $102 million on July 6, with only about $91,000 in USDT.
- WeFi's WFI tokens accounted for roughly $41.5 million of the tracked BitMart wallet holdings, per Arkham data.
- Nenter Chow, BitMart's former CEO, posted on X that he was informed Friday his employment was terminated and that he was not consulted about the shutdown decision.
- Several users on X reported that USDT withdrawal requests remained pending for hours, compounding concerns as the August 26 trading deadline approaches.
- Mandarin-speaking X users publicly confused BitMart and BMX with BitMEX (BMEX), whose own Sept. 23 shutdown was announced Thursday and drove BMEX down 90%.
Why it matters: With tracked wallets holding ~$71 million in crypto but only ~$91,000 in USDT, users face real liquidity friction during the compliance review window before the August 26 cutoff — and the ousted CEO's public disavowal signals the shutdown was an abrupt internal decision, not a planned wind-down.
