BitMart Shuts Down Trading Platform Amid Token Price Plunge

BitMart announced on July 26 that it would shut down its trading platform by January 31, 2027. However, the company's former global CEO, Nenter Nathan Chow, said he learned about the decision only after it was made public.

The exchange told users to close positions before August 26 and submit withdrawal requests by then as well. Users will still be able to log in after that date to view records and submit additional withdrawal requests.

BitMart's native token, BMX, fell almost 60% in 24 hours after the announcement, dropping to about 8 cents from around $0.31. The token was already down about 70% over the past year.

The shutdown marks a difficult time for mid-tier exchanges, which have been trying to compete with larger platforms such as Binance and Coinbase. BitMart's closure comes after AscendEX ceased operations on July 1 due to regulatory, financial, and operational problems.