This bear market is proving to be more severe than the last one. Unlike previous downturns where crypto exchanges mostly cut staff, this situation demands a stronger response.
The latest to close shop, with an announcement earlier today, was BitMart.
BitMart to Shut Down
This cryptocurrency exchange launched during the booming market of 2017 and grew to offer over 1,700 different cryptocurrencies. However, like many others recently, it announced that it is starting to shut down its trading platform in an organized way.
Sign-ups and deposits are currently disabled, and new trades aren’t being accepted. Trading will completely stop on the exchange in one month. The platform will officially shut down at 3:59 PM UTC on January 31st. However, users will still be able to withdraw their funds.
We strongly advise all customers to finish any open trades, verify their accounts if they haven’t already, and withdraw their money as quickly as possible.
Important Notice
BitMart has decided to close its trading platform after carefully considering its current situation, the market, and future plans. This was a tough choice, and we are very sorry for any inconvenience it causes.
— BitMart (@BitMartExchange) July 26, 2026
The exchange’s own cryptocurrency immediately fell in price, dropping over 60% in a single day. Before the news broke, BMX was trading at $0.32, but it quickly dropped to $0.09. Currently, its value is still 90% lower than its peak of $0.619 reached earlier in 2024 (according to CoinGecko).
BitMEX and Who Else?
BitMEX, a cryptocurrency trading platform co-founded by Arthur Hayes, recently announced it will close down on September 23rd. While popular for almost ten years – and known as the originator of high-leverage perpetual swaps – the platform has seen declining use among traders in recent years.
Another cryptocurrency project, Odos – a popular platform for swapping tokens – is shutting down. They announced on July 24th that all services will end by the end of the month.
Dango, a competitor, announced similar news that same day. The company, which calls itself ‘Endgame Exchange,’ said it’s shutting down due to unspecified reasons. Trading will end on July 29th, and its Dango L1 blockchain will be discontinued on August 13th.
2026-07-26 14:51