The platform’s native token lost nearly 60% of its value shortly after the closure announcement.
Unlike the previous crypto bear market, when many exchanges responded by reducing their workforce, the current downturn has forced several platforms to shut down entirely. The latest to announce its closure is BitMart.
BitMart Begins Wind Down Process
Founded during the 2017 cryptocurrency bull market, BitMart grew to support more than 1,700 digital assets. However, the exchange has now confirmed that it is beginning an orderly wind down of its trading operations.
The platform has already stopped accepting new user registrations, deposits, and new trading orders. Trading services will be fully discontinued one month from now, while the exchange is scheduled to officially cease operations at 15:59 UTC at the end of January. Users will still be able to withdraw their funds after trading ends.
BitMart has advised customers to close all open positions, complete any required Know Your Customer verification, and transfer their assets off the platform as soon as possible.
Native Token Suffers Sharp Decline
The announcement triggered an immediate sell off in BitMart’s native token, BMX, which plunged by more than 60% within 24 hours.
BMX was trading around $0.32 before the news became public but fell to roughly $0.09 afterward. The token is now about 90% below its all time high of $0.619, which it reached in early 2024, according to CoinGecko.
BitMEX and Other Crypto Platforms Also Closing
BitMart’s decision follows a string of recent shutdown announcements across the crypto industry.
Earlier this week, cryptocurrency derivatives exchange BitMEX, co founded by Arthur Hayes, revealed that it will permanently cease operations on September 23. Once known for pioneering 100x perpetual swap contracts, the platform had been active for nearly a decade but gradually lost its position among traders in recent years.
The wave of closures has also affected decentralised finance projects. DEX aggregator Odos announced on July 24 that it will discontinue all of its services at the end of July.
On the same day, rival platform Dango also confirmed it would wind down operations. The project, which describes itself as the “Endgame Exchange,” cited a range of unspecified reasons behind the decision. Trading on the platform will end on July 29, while the Dango Layer 1 blockchain is scheduled to shut down on August 13.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
