BitMart's Downfall: A Tale of Unfulfilled Promises and Lack of Transparency

The exchange BitMart shut down its operations in an orderly wind-down after 'careful evaluation of the Company's operating conditions, market environment, and future strategic direction.'

This decision was not made suddenly, but rather it was a slow slide nobody wanted to discuss openly. By July 26, 2022, new registrations and deposit services began being gradually suspended.

When looking at the numbers, BitMart is nowhere near the top tier of exchanges. According to CoinMarketCap's live rankings, Binance, Coinbase Exchange, Upbit, OKX, and Bybit are among the top spot volume table, with a total 24-hour volume of $812.92 billion.

In contrast, BitMart had been struggling for some time and had not published its proof-of-reserves audit as promised.