BitMart
BitMart is a Cayman Islands-operated cryptocurrency trading platform serving retail and institutional digital-asset users.
Last updated August 31, 2026
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Overview
BitMart is a cryptocurrency exchange and digital-asset services brand operated by bachi.tech in the Cayman Islands. Founded in 2017 by Sheldon Xia, the platform focuses on tools for individuals and institutions to buy, sell, hold, and trade cryptocurrencies. Its business has included spot trading and related exchange services, fiat-on-ramp functionality through third-party payment partners, and later card products designed to let users spend digital assets in ordinary commerce. The company’s public operations began in 2018, when BitMart was registered with the U.S. Financial Crimes Enforcement Network and introduced credit- and debit-card deposit services through external partners. These services were intended to make it easier for users to move between fiat currencies and cryptoassets. In August 2019, BitMart completed a Pre-A financing round led by Fenbushi Capital, a venture firm focused on blockchain businesses. In November 2021, it announced a Series B round led by Alexander Capital Ventures of New York. BitMart became widely associated with a major security incident in December 2021. Hackers obtained access to a compromised private key and drained two hot wallets connected with the exchange. The stolen assets were reported at approximately US$196 million. The attackers reportedly used the decentralized exchange aggregator 1inch to swap tokens into ether and then used Tornado Cash in an attempt to make the movement of funds more difficult to trace. BitMart suspended withdrawals involving affected assets while continuing some trading activity and said it would reimburse users. The incident nevertheless generated criticism concerning the timing and completeness of repayments and raised questions about the platform’s liquidity and security controls. In 2022, the U.S. Federal Trade Commission opened an investigation described as its first cryptocurrency-related probe. The matter was dismissed in 2023. The episode added regulatory scrutiny to the operational and cybersecurity risks already facing the platform. BitMart later expanded beyond exchange functionality. In September 2025, it introduced the BitMart Card, a Visa-branded debit card intended to allow users to spend cryptocurrency at merchants and receive tiered cashback. The platform was also included by U.S. News & World Report in a 2025 list of recommended cryptocurrency brokers for retail investors. In 2026, BitMart announced partnerships involving youth financial and digital-skills education and payment-card services, and its Australian entity reportedly obtained an Australian Financial Services Licence under the country’s digital-asset regulatory framework. These developments reflect a strategy of combining exchange services with payment products, compliance expansion, and broader consumer access to digital assets.
History
BitMart was founded in 2017 by Sheldon Xia as a digital-asset trading business aimed at both individual and institutional users. The company was established as a cryptocurrency platform rather than as a conventional financial institution, and its core proposition was to provide a venue and supporting tools for buying, selling, and trading cryptoassets. The platform began public operations in 2018. During this phase, BitMart was registered with the U.S. Financial Crimes Enforcement Network and added credit- and debit-card deposit facilities through third-party providers. The arrangements expanded access for customers who wanted to fund cryptocurrency purchases with fiat currency rather than transfer digital assets from another wallet or exchange. BitMart operated from the Cayman Islands through bachi.tech. In August 2019, BitMart raised a Pre-A round led by Fenbushi Capital, a venture-capital firm associated with blockchain investment. The fundraising supported the exchange’s development during a period when cryptocurrency platforms were competing to expand trading infrastructure, user acquisition, and asset listings. BitMart later completed a Series B financing round in November 2021 led by Alexander Capital Ventures. Reference material reported the round as approximately US$13.7 million at a valuation of US$300 million; those figures are retained only with their stated time context. The most consequential event in BitMart’s history occurred in December 2021, when attackers compromised a private key and used it to drain two hot wallets. The incident affected a broad group of digital assets, and the stolen cryptocurrency was estimated at approximately US$196 million. Security analysis cited in the reference material indicated that the attackers used 1inch to exchange some of the stolen tokens for ether and then routed funds through Tornado Cash to complicate tracing. BitMart suspended withdrawals for affected assets, although trading in some of those assets continued. The company said customer funds were safe and promised to reimburse affected users. The reimbursement response became a second source of controversy. Several weeks after the incident, users reported that repayment had not yet occurred. Some critics connected the reported delay with questions about the exchange’s liquidity, pointing to the company’s recent financing round and its stated valuation. The breach placed BitMart among cryptocurrency exchanges whose operational continuity and custody arrangements were tested by a large-scale hot-wallet compromise. Regulatory attention followed. In 2022, the U.S. Federal Trade Commission opened an investigation into BitMart, described in the reference material as the agency’s first cryptocurrency probe. The case was dismissed in 2023. Although dismissal did not itself establish wrongdoing, the investigation illustrated the increased scrutiny applied to digital-asset trading platforms concerning consumer protection and business practices. BitMart subsequently broadened its product strategy. In September 2025, it introduced the BitMart Card, a Visa-branded debit card with cryptocurrency spending functionality and tiered cashback. The company was also listed by U.S. News & World Report in 2025 among cryptocurrency brokers recommended for retail investors. In 2026, BitMart announced educational and payments-related partnerships, including a UNICEF Luxembourg collaboration supporting youth financial literacy and digital-skills training in Brazil and a BanXchange partnership involving the BXE&BitMart U Card. The company also reported obtaining an Australian Financial Services Licence for its local entity. These later initiatives show an effort to extend BitMart from a trading venue into a broader digital-asset payments and consumer-finance brand while operating within evolving regulatory frameworks.
- 2026
Youth education partnership announced
[1]BitMart partnered with UNICEF Luxembourg on the Passport to Earning initiative in Brazil.
- 2026
Australian licensing reported
[1]BitMart’s Australian entity reportedly obtained an Australian Financial Services Licence.
- 2025
BitMart Card introduced
[1]BitMart launched a Visa-branded debit card for cryptocurrency spending and cashback rewards.
- 2023
FTC case dismissed
[1]The Federal Trade Commission matter involving BitMart was dismissed.
- 2022
Federal Trade Commission investigation
[1]The FTC opened an investigation described as its first cryptocurrency probe involving BitMart.
- 2021
Series B financing
[1]Alexander Capital Ventures led BitMart’s Series B round.
- 2021
Hot-wallet security breach
[1]Hackers drained two BitMart hot wallets after obtaining a compromised private key, with losses estimated at approximately US$196 million.
- 2019
Pre-A financing
[1]Fenbushi Capital led BitMart’s Pre-A financing round.
- 2018
Public operations begin
[1]BitMart began public operations, registered with FinCEN, and introduced third-party credit- and debit-card deposit services.
- 2017
BitMart is founded
[1]Sheldon Xia founded BitMart as a cryptocurrency trading platform serving individual and institutional users.
Products and positioning
A global retail- and institution-oriented cryptocurrency exchange emphasizing access to digital-asset trading, fiat on-ramps, and crypto-linked payment products.
Cryptocurrency exchange · 2018
BitMart Exchange
BitMart’s principal product is a digital-asset trading platform for retail and institutional customers. It provides functionality for buying, selling, and trading cryptocurrencies and has supported fiat funding through credit- and debit-card services supplied by third-party partners. The exchange has been the center of the company’s business since public operations began in 2018.
Cryptocurrency payment card · 2025
BitMart Card
Introduced in 2025, the BitMart Card is a Visa-branded debit card designed to enable users to spend digital assets at participating merchants. The product also includes tiered cashback features, extending BitMart’s proposition beyond exchange-based trading into everyday payments.
Cryptocurrency payment card · 2026
BXE&BitMart U Card
The BXE&BitMart U Card was announced through a partnership between BitMart and crypto-payments company BanXchange. It is intended to support spending digital assets through a payment-card format.
Controversies
2022
Federal Trade Commission cryptocurrency investigation
The FTC opened an investigation into BitMart in 2022. The matter was dismissed in 2023, but it represented significant regulatory scrutiny of the platform.
2021
BitMart hot-wallet breach
A compromised private key allowed attackers to drain two hot wallets linked to BitMart. The cryptocurrency stolen was estimated at approximately US$196 million. The incident led to withdrawal suspensions, reimbursement commitments, and criticism from users who said repayments were delayed.
2021
BitMart reports cryptocurrency security breach
BitMart experienced a security breach in which hackers withdrew around $150 million in cryptocurrency; PeckShield estimated the total loss could be as high as $200 million.
Marketing campaigns
- 2026Passport to Earning partnership
Brazil
BitMart partnered with UNICEF Luxembourg to support the Passport to Earning initiative, which provides financial-literacy and digital-skills training to people aged 15 to 24.
Outcome. The partnership was announced as an education and youth-development initiative; a quantified outcome was not provided.
Brand decisions
2026
Expand through payment partnerships and regulated-market entryStrategyBackground
Digital-asset platforms increasingly pursued payment products, educational initiatives, and formal licensing as regulators developed dedicated frameworks.
Action taken
BitMart partnered with BanXchange on the BXE&BitMart U Card and reported obtaining an Australian Financial Services Licence for its local entity.
Aftermath
The initiatives positioned BitMart for broader payments activity and regulated operations in Australia.
2025
Launch BitMart CardProduct launchBackground
BitMart sought to extend its services from cryptocurrency trading into merchant payments and consumer spending.
Action taken
The company introduced a Visa-branded debit card supporting cryptocurrency spending and tiered cashback.
Aftermath
The launch broadened BitMart’s consumer-facing product portfolio; a quantified commercial result was not provided.
2021
Suspend withdrawals and promise reimbursement after breachOtherBackground
The December 2021 attack drained two hot wallets and resulted in reported cryptocurrency losses of approximately US$196 million.
Action taken
BitMart halted withdrawals involving affected assets, continued some trading activity, and stated that affected users would be reimbursed.
Aftermath
Users later reported delays in repayment, while the incident intensified scrutiny of BitMart’s custody, security, and liquidity practices.
Estimated cryptocurrency stolen. Approximately US$196 million stolen (December 2021)
2018
Add fiat deposit access through payment partnersStrategyBackground
Cryptocurrency exchanges sought to reduce barriers for users entering digital-asset markets.
Action taken
BitMart introduced credit- and debit-card deposit services through third-party partners and began public operations after registering with FinCEN.
Aftermath
The move expanded the platform’s ability to accept fiat-funded customers.
Recent events
- 2026
BitMart partners with UNICEF Luxembourg on youth digital-skills initiative[1]
Campaign
BitMart partnered with UNICEF Luxembourg to support the Passport to Earning initiative, including financial-literacy and digital-skills training for young people aged 15 to 24 in Brazil.
- 2026
BitMart and BanXchange launch BXE&BitMart U Card[1]
Product launch
BitMart partnered with crypto-payments company BanXchange on a payment card intended for spending digital assets.
- 2026
BitMart obtains Australian Financial Services Licence[1]
Regulation
BitMart’s Australian entity reportedly obtained an Australian Financial Services Licence, placing its local operations under Australian Securities and Investments Commission supervision under the cited digital-assets framework.
- 2025
BitMart Card launches[1]
Product launch
BitMart introduced a Visa-branded debit card intended to let customers spend digital assets at merchants and earn tiered cashback.
- 2021
BitMart announces Series B financing[1]
Other
BitMart completed a Series B funding round led by Alexander Capital Ventures. The reference material reported approximately US$13.7 million raised at a valuation of US$300 million.
Sources3 sources
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