BitMart Closes Doors Amid Regulatory Pressure
BitMart, a nine-year-old cryptocurrency exchange, has announced its closure. All trading will end on August 26th, and the platform's operations will cease on January 31st, 2027.
The exchange halted new registrations, deposits, and orders on Sunday, with futures accounts switching to reduce-only mode. Spot markets stopped accepting fresh orders from existing customers at the same time.
The BitMart Token (BMX) plummeted by 58% in a day, reaching around 8 cents and reducing its market value to approximately $27 million. This decline follows a nearly 70% drop over the past year.
Despite this, BitMart still processed about $1.6 billion in trades over 24 hours, with Bitcoin (BTC) accounting for nearly half of the total volume. However, analysts suggest that this increase may be due to users unwinding positions and moving their money out rather than new demand.