BitMart Abruptly Shuts Down Trading Platform After Nine Years

Crypto exchange BitMart will shut down its trading platform after nine years in operation. The company cited 'operating conditions, market environment, and future strategic direction' as reasons for closing.

The shutdown began with a halt on new registrations, deposits, and orders on July 26. All spot and derivatives trading will stop at 1:00 am UTC on August 26. Withdrawals will remain open throughout the process.

BitMart's token, BMX, fell about 58% in 24 hours after the announcement, cutting its market value to roughly $27 million. The company's global CEO, Nenter Chow, claimed he was not consulted on the decision and had been ousted by the time it became public.