BitMart Becomes Latest Crypto Exchange to Shut Down
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- BitMart said Sunday it will shut down after nine years, halting all spot and derivatives trading August 26 and formally ceasing operations January 31, 2027
- BitMart stopped accepting new registrations, deposits, and orders from 01:30 UTC Sunday, blaming unspecified "operating conditions, market environment, and future strategic direction"
- BMX token crashed 81% over the past week to $0.057, cutting its market cap to $19.6 million according to CoinGecko data
- BitMart lost $196 million in a December 2021 hot-wallet breach, one of the larger exchange hacks of that cycle, and covered customer losses
- BitMEX announced its own closure last week after 11 years, making BitMart the second major crypto exchange to exit in seven days
- Roshan Dharia, CEO of investment firm Echo Base, told Decrypt the sector is entering "a period of significant consolidation in digital assets"
Why it matters: Withdrawals stay open, but BitMart warned that identity, sanctions, and source-of-funds checks could slow processing as users race to exit — a real risk for BMX holders who lost 81% in a week, with the token's market cap now just $19.6 million and no clear reason given for the shutdown.
