BitMart Shuts Down Amid Ongoing Bear Market
BitMart, one of the world's largest cryptocurrency exchanges by trading volume, is shutting down its operations after nearly a decade. The exchange announced an orderly shutdown, citing 'operating conditions, market environment, and future strategic direction' as reasons for the decision.
The platform has consistently ranked among the top global exchanges alongside industry giants like Binance, Coinbase, OKX, Bybit, KuCoin, and others. BitMart supported hundreds of cryptocurrencies and served users across multiple regions, making its sudden demise notable. It boasts a 24-hour derivatives trading volume of $8.4 billion, according to CoinMarketCap data.
Starting July 26 at 01:30 UTC, BitMart will stop accepting new user registrations, suspend fiat deposits, and halt all trading activity. Full trading services, including spot and futures markets, will end on August 26 at 01:00 UTC. Users are advised not to send assets after deposits are disabled.
This shutdown marks the second major trading platform to announce closure this year amid the ongoing bear market. BitMEX, another veteran crypto exchange, announced it would shut down operations after more than 11 years in business, ceasing operations on September 23 and urging users to close positions and withdraw funds before the deadline.