Another Major Crypto Exchange Shuts Down Following BitMEX Closure

Another major cryptocurrency exchange is shutting down. BitMart, which launched during the 2017 bull market and supported over 1,700 cryptocurrencies, announced it will begin an orderly wind-down of its trading platform. The decision came after evaluating operating conditions, market environment, and future strategy. New registrations, deposits, and the opening of new trading orders have already been halted. Trading services will stop in one month, and the platform will officially cease operations on January 31 at 15:59 UTC. Withdrawal services will remain available. The exchange urged users to close positions, complete KYC if needed, and transfer out funds as soon as possible. Following the announcement, BitMart’s native token BMX plunged over 60% in 24 hours, falling from $0.32 to $0.09 and remaining 90% below its all-time high. BitMart’s closure follows similar moves by other exchanges. BitMEX, the derivatives platform co-founded by Arthur Hayes, said it will shut down on September 23 after nearly a decade of operation. Decentralized exchange aggregator Odos also announced it would halt all services at the end of July. On the same day, competitor Dango stated it would wind down trading on July 29 and shut its L1 blockchain on August 13. The current bear market cycle appears to be more severe than previous ones, forcing exchanges to close entirely rather than merely reduce staff.

Source: https://cryptopotato.com/another-major-crypto-exchange-is-shutting-down-after-bitmex/