BitMart Shuts Down After Nine Years Amid Market Challenges
Crypto exchange BitMart has announced it will shut down after nine years in operation. The decision comes as the company cited its 'operating conditions, market environment, and future strategic direction' as reasons for the closure.
The trading platform stopped accepting new registrations, deposits, and trading orders from 01:30 UTC on Sunday, with futures accounts moved to reduce-only mode. Spot markets no longer accept new orders.
BitMart's native token BMX dropped nearly 70% following the news, falling from around $0.31 late Friday to approximately $0.09 on Sunday. The token had already lost around 70% of its value over the past year before this latest drop.
Users reported delayed withdrawals, with some USDT requests pending for hours without processing. BitMart warned in its announcement that some withdrawal requests may face additional compliance and security reviews.