BitMart to Shut Down After Nine Years
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- BitMart said Sunday it will wind down its nine-year-old trading platform, halting all spot and derivatives trading on August 26 and formally shutting down on January 31, 2027
- The exchange stopped accepting new registrations, deposits, and orders at 01:30 UTC Sunday, though withdrawals remain open and the company pledged a "responsible, orderly, and transparent" wind-down
- BMX, BitMart's exchange token, crashed 81% over the past week to $0.057, cutting its market capitalization to $19.6 million according to CoinGecko
- BitMart lost $196 million to a December 2021 hot-wallet breach—one of the larger exchange hacks of that cycle—and covered customer losses
- The shutdown follows BitMEX's announcement last week that it would close after 11 years, marking two major exchange exits in a single week
- Echo Base CEO Roshan Dharia told Decrypt the exits reflect "significant consolidation in digital assets," with survivors being those that "recognize the pressure early, act decisively, and secure the right capital"
Why it matters: BitMart users have until January 2027 to withdraw, but the platform warned that identity, device, sanctions, and source-of-funds checks could slow processing as users rush to exit; back-to-back closures of BitMart and BitMEX within days point to a contraction phase that narrows the venues available to retail altcoin traders.
