BitMart Shuts Down After Nine Years Amid Market Turmoil

Crypto exchange BitMart announced it will cease operations on January 31, 2027, after nine years of trading. The decision was attributed to 'operating conditions, market environment, and future strategic direction.'

The shutdown sent the BMX token plummeting by 58% in 24 hours, extending a yearlong slide of around 70%. BitMart's recent 24-hour trading volume reached $1.6 billion, with nearly half attributed to Bitcoin.

The exchange warned users that withdrawals may face additional review and security checks due to the expected high volume of requests. This could delay processing times for users seeking to exit their accounts before the August cutoff date.