The centralized cryptocurrency exchange BitMart has initiated its closure process after nine years of operation. The platform will cease all activities by January 31, 2027.
https://twitter.com/BitMartExchange/status/2081197305491845201
As of July 26 at 01:30 UTC, the exchange has stopped accepting new registrations, deposits, and opening trading orders.
BitMart did not specify the exact reason for its closure, citing "operational conditions, market environment, and future strategic direction" in its announcement.
Users are advised to complete identity verification, close their positions, and submit withdrawal requests by August 26, the date when spot and derivatives trading will halt.
In light of this news, the BMX token has dropped approximately 56% in a single day, trading around $0.08. The asset's market capitalization has fallen to $27.4 million, with BMX losing about 74% of its value over the past year.
Source: CoinGecko.Daily trading volume on BitMart surged by 54%, exceeding $1.6 billion, with nearly half of that volume coming from the BTC/USDT pair.
Withdrawals will remain available until January 31, 2027.
In December 2021, BitMart suffered a loss of approximately $196 million due to a hack of its hot wallets, at which time the exchange pledged to cover customer losses.
It is worth noting that in July, the cryptocurrency exchange BitMEX announced it would cease operations on September 23.