Another Major Crypto Exchange Is Shutting Down After BitMEX

Unlike the previous major bear market in which numerous cryptocurrency exchanges reduced their staff number, the current cycle turned out to be more violent and requires a different sort of reaction. The latest to close shop, with an announcement earlier today, was BitMart. BitMart to Shut Down The exchange saw the light of day during the 2017 big bull market and expanded its services to over 1,700 cryptocurrencies as of today.

However, it followed the recent negative trend, stating that it has begun to “orderly” wind down its trading operations. New registrations have already been halted, as well as deposits and opening new trading orders. A month later, the exchange will stop all trading services.

The official shutdown will be at the end of January at 15:59 UTC, when the platform operations will cease. In contrast, withdrawals will remain available. The company urged all users to close their trading positions, complete KYC if needed, and transfer out the available funds as soon as possible.

Important Notice After a careful evaluation of the Company’s operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations. We deeply regret having to make… pic.

twitter.com/KX3zczIrAh — BitMart (@BitMartExchange) July 26, 2026 The exchange’s native token reacted with an immediate price drop, plunging by over 60% on a 24-hour scale. BMX traded at $0.

32 before the news went live, and dumped to $0.09 as of press time. It also remains 90% away from its all-time high at $0.

619 (CoinGecko data) recorded in early 2024. BMXUSD. Source: TradingView BitMEX and Who Else?

Just a few days ago, the Arthur Hayes-co-founded cryptocurrency derivatives platform BitMEX said it will shut down on September 23. The creator of the 100x perpetual swap was active for nearly a decade, but it has fallen out of traders’ grace in the past couple of years. The crypto shutdowns continued wi