BitMart Joins Ranks of Shuttered Crypto Exchanges Amid Market Turmoil

BitMart has announced that it will be shutting down its trading operations due to the current market environment. The exchange, which was launched during the 2017 bull market, had expanded its services to over 1,700 cryptocurrencies. However, in a recent statement, BitMart said it has decided to 'orderly' wind down its trading platform operations.

New registrations have been halted, and deposits and new trading orders are no longer being accepted. A month from now, the exchange will stop all trading services. The official shutdown is set for January 31 at 15:59 UTC, but withdrawals will remain available.

The company has urged users to close their trading positions, complete any necessary KYC verification, and transfer out their funds as soon as possible. BitMart's native token BMX plummeted by over 60% following the announcement, dropping from $0.32 to $0.09 in a 24-hour period.

This is not the first major cryptocurrency exchange to shut down this year. In recent days, other exchanges have also announced their closures, including BitMEX and Odos. The current market conditions seem to be taking a toll on these platforms, with some experts attributing it to the 'violent' nature of the current bear market.