The centralized crypto exchange BitMart has initiated a shutdown process after nine years of operation. The platform will cease all activities by January 31, 2027.
As of July 26 at 01:30 UTC, the exchange stopped accepting new registrations, deposits, and opening trading orders.
The company did not specify the exact reason for the closure. In its notice, BitMart cited “operating conditions, market environment, and future strategic direction.”
Users are advised to complete identity verification, close positions, and submit withdrawal requests by August 26, the date when spot and derivatives trading will halt.
Following the announcement, the BMX token dropped approximately 56% in a day, trading around $0.08. The asset’s market capitalization fell to $27.4 million. Over the past year, BMX has lost about 74% of its value.
The daily trading volume on BitMart surged by 54%, exceeding $1.6 billion. Nearly half of this volume was in the BTC/USDT pair.
Withdrawals will be available until January 31, 2027.
In December 2021, BitMart lost about $196 million due to a hack of its hot wallets. At that time, the exchange pledged to cover client losses.
Earlier in July, crypto exchange BitMEX announced it would cease operations on September 23.
