BitMart Announces Shutdown of Cryptocurrency Exchange Operations
BitMart has announced it will wind down its cryptocurrency exchange operations, ending all trading services on August 26. The platform will cease to operate entirely by January 31, 2027.
The decision was made after a careful evaluation of the company's operating conditions and market environment, according to BitMart.
Under the shutdown plan, new user registrations and deposits have been stopped, while futures trading has entered 'reduce-only mode' and spot markets no longer accept new orders.
BitMart joins a growing list of crypto trading platforms that have announced plans to close shop in recent months. BitMEX and Dango are among those who will shut down their respective trading platforms.
The native token BMX lost nearly 70% of its value, falling from around $0.31 on Friday to $0.09464 at the time of writing. Users have reported delayed withdrawals from the exchange, with some claiming that Tether USDt (USDT) withdrawal requests remained pending for hours.
Former CEO Nenter Chow said he was not consulted about the shutdown decision and only learned of it after the company published the announcement.