Key Takeaways:
BitMart said on July 26 it will wind down after nine years, halting all trading by August 26 and closing fully by January 31, 2027, as its BMX token fell about 58 percent in a day.
The closure follows BitMEX, which will shut on September 23, and AscendEX, which suspended withdrawals in early July, in the most crypto exchange closures of any year on record.
BitMart withdrawals remain open for now, and WYDE is pulling its own funds off the exchange while urging $EAT holders on BitMart to move to self-custody.
BitMart said on Sunday it will wind down its trading platform after nine years, CoinDesk reported. New registrations, deposits, and trade orders stopped at 01:30 UTC on July 26, all trading ends August 26, and the exchange closes fully on January 31, 2027. Its BMX token fell about 58 percent in a day.
It is the third major exchange to head for the exit in a matter of weeks. BitMEX, the platform that invented the perpetual swap, said on July 23 it will close on September 23 after 11 years. AscendEX ceased operations in early July, and by July 6 it had suspended withdrawals and told users it could not guarantee full recovery of their balances.
The wave has drawn comparisons to FTX, though the mechanics differ. FTX collapsed in 2022 with a hidden hole in its books and frozen withdrawals, the case behind the Senate's unanimous vote against any pardon for Sam Bankman-Fried. BitMEX and BitMart are winding down in the open, with withdrawal windows still running and no disclosed shortfall. AscendEX is the one that rhymes with 2022, after on-chain investigator ZachXBT flagged its wallets running low before it froze withdrawals.
BitMart listed WYDE: End Hunger, the $EAT token, in April, the first cause coin on a major centralized exchange and the same token behind WYDE's meal-funding EAT Card. WYDE is completing its own withdrawals from BitMart and moving assets to self-custody, and it urged anyone holding funds on the exchange, $EAT holders included, to withdraw while withdrawals are open. The lesson FTX taught, and this week repeated, is that money you do not control on an exchange is only as safe as the exchange.
People Also Ask
Why is BitMart shutting down?
BitMart cited its operating conditions, the market environment, and its future strategy, without naming a single reason. All trading ends August 26 and the platform closes fully on January 31, 2027.
Can I still withdraw my funds from BitMart?
Yes. Withdrawals remain open, but BitMart warns of added identity, device, and source-of-funds checks that can delay processing, so it urges users to withdraw before the August 26 trading halt.
Is this a repeat of the FTX collapse?
Not in mechanics. BitMEX and BitMart are winding down with withdrawal windows open and no disclosed shortfall, while AscendEX, which suspended withdrawals and warned it may not cover balances, more closely resembles 2022.
What happens to the $EAT token after BitMart closes?
$EAT is a Base-network token that also trades on the WYDE Impact Exchange, so holders are not dependent on BitMart. WYDE is withdrawing its funds and advises $EAT holders on BitMart to move to self-custody or another venue.
Sources: CoinDesk, CryptoSlate, Crowdfund Insider, BitMart.