BitMart

BitMart is a centralized digital asset exchange founded in 2017 by Sheldon Xia. The platform began public operations in 2018 after registering with the U.S. Financial Crimes Enforcement Network (FinCEN) and introducing fiat on-ramp capabilities through third-party partners. Incorporated in the Cayman Islands with offices in China, South Korea, and the United States, BitMart has grown into a mid-to-large tier exchange serving more than 12 million users across more than 180 countries.

Platform and Products

BitMart lists over 1,700 cryptocurrencies and provides access to more than 460 perpetual futures markets. The core offering spans:

• Spot trading across thousands of pairs, organized into tier classes (A–D) with maker/taker fees ranging from 0.04% to 0.40%
• Perpetual futures with leverage up to 200x and flat fees of 0.02% (maker) and 0.06% (taker)
• Margin trading at up to 5x leverage
• Staking and savings — flexible staking with no lock-up on assets including SOL, ETH, and SHIB
• Copy trading — users can mirror positions of experienced traders
• NFT marketplace — a flat 1% transaction fee on NFT sales and purchases
• BitMart Launchpad — IEO (Initial Exchange Offering) and INO (Initial NFT Offering) access; BMX holders receive lottery-weighted allocations
• Inscriptions Market — support for ordinal-style inscription protocols launched in December 2023
• BitMart Card — a Visa-branded debit card launched in September 2025, enabling users to spend crypto balances directly

The mobile app mirrors full exchange functionality, and a self-custody BitMart Wallet supports multi-chain asset management.

BMX Token

BMX is BitMart's native exchange token, issued on Ethereum as an ERC-20 asset. Its ICO ran from December 27, 2017 through January 15, 2018. Holding BMX provides a 25% discount on spot trading fees and grants lottery-weighted access to Launchpad offerings. As of mid-2026, circulating supply stands at approximately 324 million tokens with a market capitalization of roughly $88 million. BMX is primarily traded on BitMart itself.

Solana Ecosystem Integration

BitMart was among the first centralized exchanges to build direct Solana network infrastructure. On June 16, 2021, the exchange activated native USDT-SPL and USDC-SPL deposit and withdrawal routes, allowing users to move stablecoins on-chain without bridging through Ethereum or another intermediary network. This was a notable early infrastructure commitment to Solana at a time when most exchanges still required Ethereum-based transfers.

Since then, BitMart has expanded its Solana footprint:

• SOL trading pairs: SOL/USDT is the primary pair; SOL/BTC and SOL/ETH were added by 2024
• SOL staking: Flexible staking with no lock-up period and competitive APYs, accessible from the exchange's Earn section
• SPL token listings: BitMart actively lists projects building on Solana, providing liquidity access for tokens that otherwise have limited centralized exchange presence
• Solana-focused promotions: As of 2025, BitMart has run trading competitions and fee-reduction campaigns specifically targeting Solana ecosystem participants

For Solana users, BitMart's SPL-native deposit and withdrawal routes are a meaningful practical feature — they reduce friction and gas overhead compared to routing through wrapped assets on other chains.

Funding and Growth

BitMart raised a Pre-A round in August 2019 led by Fenbushi Capital, one of the earliest and most active blockchain-focused venture firms. A Series B followed in November 2021, led by Alexander Capital Ventures at a $300 million valuation. These rounds funded expansion of the trading engine, compliance infrastructure, and geographic reach.

In June 2026, BitMart obtained an Australian Financial Services Licence, marking a regulatory milestone in a jurisdiction that has increasingly demanded formal licensing from crypto platforms operating there. The exchange has also been recognized by U.S. News & World Report as a recommended cryptocurrency broker, and in January 2026 announced a partnership with UNICEF Luxembourg focused on youth financial literacy programs in Brazil.

Security History

BitMart's most significant event was a security breach in December 2021. Hackers obtained a compromised private key and drained two of the exchange's hot wallets, stealing approximately $196 million in cryptocurrency across multiple assets. The attackers used the 1inch DEX aggregator to swap the stolen tokens into Ethereum, then routed funds through Tornado Cash to obscure transaction trails.

BitMart's CEO publicly confirmed the hack and committed to reimbursing affected users from company funds. Reimbursements were completed within several weeks, though the process drew criticism for its pace. The U.S. Federal Trade Commission opened an investigation in 2022; the investigation concluded in 2023 with dismissal and no formal action.

Following the breach, BitMart implemented multi-signature wallet requirements for hot wallet operations and moved a larger portion of custodied assets into cold storage. The exchange now maintains a hybrid hot/cold wallet model with the majority of funds offline, supported by two-factor authentication requirements and regular third-party security audits. A public bug bounty program is hosted on HackenProof.

Geographic Availability

BitMart operates in 180+ countries but does not currently onboard new U.S.-based users, a restriction tied to ongoing regulatory conservatism in the U.S. market. Users in most other regions can register with standard KYC verification. The Cayman Islands incorporation provides a flexible regulatory domicile while the Australian licence expands formal regulatory standing in the Asia-Pacific region.

Summary

BitMart is an established mid-to-large tier centralized exchange with a broad asset catalog, competitive derivatives offering, and a meaningful Solana ecosystem presence rooted in early SPL infrastructure support. Its BMX token creates a fee-reduction and Launchpad access flywheel within the platform. The 2021 hack remains the defining negative event in its history, though subsequent reimbursement and security hardening have allowed the platform to continue growing to its current 12 million user base. The 2025–2026 period has seen BitMart push into regulated markets (Australia licence), consumer spending products (BitMart Card), and social impact partnerships, signaling a broadening strategic posture beyond pure exchange operations.