BitMart Halts Operations Amid Crypto Market Turmoil
BitMart, a cryptocurrency exchange, announced on Sunday (26) that it will cease operations after nine years. The move comes amidst a tumultuous time for the crypto market, with BitMart's token BMX plummeting by 81% in the past week to $0.057, valuing its market cap at $19.6 million, according to CoinGecko.
The exchange will stop accepting new registrations, deposits, and orders from Sunday night (Brasilia time), with all spot and derivative trades set to expire on August 26. The platform's formal shutdown is scheduled for January 31, 2027. While withdrawals remain open, BitMart has warned that identity checks, device verification, sanctions, and fund origin may delay processing as users rush to exit.
BitMart attributed its decision to 'operational conditions, market environment, and future strategic direction,' but declined to specify the exact reason. This move follows closely on the heels of another major exchange, BitMEX, announcing it will shut down after 11 years.