BitMart Announces Shutdown After 9 Years of Operation

BitMart, a crypto exchange that has been operating for nearly nine years, announced on July 26 that it will be shutting down its trading platform. The company cited 'operating conditions, market environment, and future strategic direction' as the reasons behind the decision.

The shutdown process began in stages, with new registrations, deposits, and orders being stopped on July 26. Trading of all spot and derivatives will come to a halt at 1:00 am UTC on August 26. The platform is expected to fully close by January 31, 2027.

However, withdrawals will remain open throughout the process. BitMart urged users to act early and close positions before the August 26 cutoff, as requests after that date may face additional checks for identity verification, source of funds, sanctions, and security.

The announcement led to a sharp decline in BMX, the exchange's token, which dropped by approximately 58% in 24 hours. The market value of BMX decreased to around $27 million, down from nearly $0.07 on July 26.

BitMart's trading volume remained high, with $1.6 billion traded in 24 hours, a 51% increase from the prior period. Bitcoin (BTC) accounted for almost half of this volume, likely due to users pulling funds out before the shutdown.