BitMEX and BitMart Shutdowns Mark Further Contraction in Crypto Market

Two prominent cryptocurrency exchanges, BitMEX and BitMart, have announced their shutdowns due to worsening conditions in the crypto market. The news comes as a surprise to many, especially considering the legacy of these platforms.

BitMEX has confirmed that it will close its activities on September 23rd this year, citing a strategic review as the reason for its decision. The exchange is famous for introducing the 100x leverage perpetual swap, which redefined the trading world and attracted many investors toward crypto derivatives.

Meanwhile, BitMart has suspended new deposits, trading orders, and registrations since July 26th, and will discontinue all of its trading operations by August 26th. The final closure of the platform is set to take place on January 31st next year.