Heres what happened crypto today: BitMart, bank rails
Heres what happened crypto today: BitMart said it will wind down its exchange, ending trading by Aug. 26 and full operations by Jan. 31, 2027. Binance disclosed monthly employee phishing tests. US Ethereum ETFs saw $70.62 million in Friday outflows, ending a five-day inflow streak, while KB Kookmin Bank plans JPMorgan Kinexys payments.
Key Takeaways
- BitMart will end all trading on Aug. 26, 2026, and cease platform operations on Jan. 31, 2027, after stopping new registrations and deposits.
- BMX plunged nearly 70% as users reported withdrawal delays; tracked BitMart wallets held about $71 million in crypto assets Sunday, per Arkham.
- US spot Ethereum ETFs logged $70.62 million in net outflows Friday, ending a five-day inflow streak, while Bitcoin ETFs also saw Friday outflows.
- KB Kookmin Bank plans an August launch of US dollar cross-border payments on JPMorgan's Kinexys network across 10 countries.
- Binance runs monthly phishing simulations on staff and can require remediation training after failures, its CSO said.
For more market and regulation coverage, follow BlasterPost's Fintech & Crypto Alerts hub.
Why is BitMart shutting down its exchange?
BitMart announced an orderly wind-down after reviewing operating conditions, the market environment, and its strategic direction, according to a Sunday notice reported by Cointelegraph.
Trading services stop on Aug. 26. Full operations end Jan. 31, 2027. New user registrations and deposits are already closed. Futures are in reduce-only mode, and spot markets no longer take new orders.
The move follows a sharp drop in BitMart's BMX token, which traded near $0.09464 after falling nearly 70% from about $0.31 late Friday. Users on X reported delayed withdrawals, including pending USDT requests lasting hours.
Arkham data cited by Cointelegraph showed wallets attributed to BitMart holding about $71 million in crypto Sunday, down from roughly $102 million on July 6. BitMart said some withdrawals may face extra compliance and security reviews. Former CEO Nenter Chow said he learned of the shutdown only after the public notice and was no longer involved in management.
BitMart joins other platforms planning exits. BitMEX and Dango both said this week they would shut down their trading platforms.
What did Ethereum ETFs and Binance signal today?
US-listed spot Ethereum ETFs posted $70.62 million in net outflows Friday, ending a five-day inflow run. SoSoValue data showed $211.25 million in net inflows from July 17 through Thursday. Funds still recorded $103.9 million in net inflows for the week ended Friday and $337.74 million so far in July, extending a three-week weekly inflow streak.
Bitcoin ETFs followed a similar pattern, ending a seven-day inflow streak Thursday and logging another $240.08 million in net outflows Friday. Spot ETF flows remain a closely watched gauge of traditional demand for BTC and ETH.
Separately, Binance chief security officer Jimmy Su told Cointelegraph the exchange runs monthly phishing attacks on its own employees via an internal red team. Staff who fail receive remediation training. Binance reports 323 million registered users; DefiLlama estimates it holds $137.7 billion in assets.
Why does KB Kookmin Bank's Kinexys launch matter?
South Korea's KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan's Kinexys network, formerly Onyx, local media reported.
The service will initially support US dollar transfers across 10 countries, including the United States, Singapore, Saudi Arabia, and the United Arab Emirates. Yonhap said it will integrate with SWIFT for near-instant cross-border payments and FX settlement.
S&P Global ranked KB Financial Group, the bank's parent, as South Korea's largest lender by assets in an April research report, and listed it as the 28th-largest bank in Asia-Pacific with $552.76 billion in total assets. The bank rails story underscores how traditional finance continues to adopt blockchain settlement alongside a wave of crypto exchange consolidation.