BitMart Announces Closure After Nine Years Amid Market Shifts
Crypto exchange BitMart has announced it will shut down its trading platform after nine years of operation, citing 'operating conditions, market environment, and future strategic direction'.
BitMart stopped accepting new registrations, deposits, and trading orders on Sunday, with futures accounts transitioning to reduce-only mode. The platform will cease all trading activities by August 26 and formally shut down on January 31, 2027.
The BMX token, which represents the exchange's token, plummeted by 58% in 24 hours, dropping to around 8 cents and reducing its market value to approximately $27 million. This decline marks an extension of a long-term slump, with the token already down about 70% over the past year.
Despite the closure, BitMart reported significant trading volumes, with around $1.6 billion in 24-hour volume, up 51% from the previous period. Bitcoin accounted for nearly half of this activity, but the rise may be attributed to users unwinding positions rather than fresh demand.