BitMart to wind down exchange, end trading by Aug. 26Crypto exchange BitMart said it will wind down operations after its BMX token plunged and users reported withdrawal delays, with platform operations set to end in January.
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Crypto exchange BitMart announced it will gradually wind down its operations, ending all trading services on August 26, 2024, and fully ceasing operations by January 31, 2027. The company cited its assessment of operating conditions, the market environment, and strategic direction as reasons for this decision. As part of the shutdown process, BitMart has stopped accepting new user registrations and deposits, futures trading has moved to reduce-only mode, and its spot markets no longer accept new orders.
This closure follows a period of significant turmoil for BitMart, including a sharp depreciation of its native token, BMX, which has fallen nearly 70% in value—from about $0.31 late Friday to roughly $0.09464 at the time of reporting. The price of BMX experienced volatility over the weekend, dipping as low as $0.1058 and briefly recovering before falling again below $0.10. Concurrently, users reported delays in withdrawal processing, particularly for Tether (USDT) requests, which were pending for extended periods.
Data from blockchain analytics firm Arkham indicated that wallets linked to BitMart held approximately $71 million in crypto assets as of Sunday, down from $102 million earlier in July. The largest portion, about $41.5 million, was held in WeFi’s WFI stablecoin tokens, with only around $91,000 in USDT. BitMart's announcement noted that some withdrawals might undergo additional compliance and security reviews, potentially prolonging the wait time for users.
The news of BitMart's wind-down comes amid a broader trend of crypto exchanges shutting down, with BitMEX and Dango also announcing their platform closures recently. BitMart’s native token BMX and BitMEX’s token BMEX have both experienced steep losses, compounded by some confusion among users, especially within the Mandarin-speaking community, about the differences between BitMart/BMX and BitMEX/BMEX. Cointelegraph reported BitMart did not respond to requests for further comment before publication.