BitMart has begun an orderly wind-down of its trading platform, halting new registrations, deposits and new trading orders. Its native token BMX plunged by over 60% within a day of the announcement. The exchange follows BitMEX, Odos and Dango out of the market.
Crypto platforms are closing this cycle rather than trimming staff as they did in the previous major bear market, and BitMart is the latest to go: the exchange said earlier today that it has begun to wind down its trading operations. It launched during the 2017 bull market and had expanded to over 1,700 cryptocurrencies.
According to BitMart's notice, the company decided to "commence an orderly wind-down of its trading platform operations" after evaluating its operating conditions, market environment, and future strategic direction.
New registrations, deposits and opening new trading orders have already been halted. A month later the exchange will stop all trading services, and the official shutdown lands at the end of January at 15:59 UTC, when platform operations cease. In contrast, withdrawals will remain available.
Therefore the company urged users to close their trading positions, complete KYC if needed, and transfer out available funds as soon as possible.
BMX falls from $0.32 to $0.09
The exchange's native token reacted immediately, 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, a level CoinGecko data records in early 2024.
BitMEX, Odos and Dango head for the exit
BitMart follows the Arthur Hayes-co-founded derivatives platform BitMEX, which said just a few days ago 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 shutdowns then continued with popular DEX aggregator Odos, which announced on July 24 that it will halt all of its services at the end of July.
Competitor Dango made a similar statement the same day. The self-proclaimed 'Endgame Exchange' will stop trading on July 29, while its Dango L1 blockchain halts on August 13, with the team citing various reasons it did not specify.
Source: CryptoPotato
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