Another Major Crypto Exchange Is Shutting Down After BitMEX
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The current crypto bear cycle has proved more violent than the prior one that mainly prompted staff cuts, forcing exchanges to adopt different responses to market volatility and operational risk. The latest centralized exchange (CEX) to shut down is BitMart, which announced its closure earlier today, underscoring elevated exchange risk and potential implications for traders, custody and DeFi adoption.
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Unlike the previous major bear market in which numerous cryptocurrency exchanges reduced their staff number, the current cycle turned out to be more violent and requires a different sort of reaction.
The latest to close shop, with an announcement earlier today, was BitMart.
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