BitMart Exchange has begun a gradual shutdown, ceasing operations by January 31, 2027, following a 56% drop in its BMX token.
BitMart, a centralized cryptocurrency exchange, has announced its decision to shut down after nine years of service, with all operations expected to conclude by January 31, 2027.
As of July 26 at 01:30 UTC, the platform has halted new user registrations, deposits, and the initiation of trading orders.
While the exchange did not provide a specific reason for the shutdown, it referenced "operational conditions, market environment, and future strategic direction" in its announcement.
Users are encouraged to complete identity verification, close their trading positions, and submit withdrawal requests by August 26, the deadline for spot and derivatives trading.
In reaction to the news, the BMX token plummeted approximately 56% in one day, trading around $0.08, and its market capitalization has now dropped to $27.4 million, reflecting a 74% decrease over the past year.
Interestingly, BitMart experienced a 54% spike in daily trading volume, surpassing $1.6 billion, with nearly half attributed to the BTC/USDT trading pair.
Withdrawals will remain accessible until the final shutdown date in January 2027.
Notably, BitMart previously faced a significant security breach in December 2021, resulting in approximately $196 million in losses, which the exchange pledged to cover for affected customers.
Additionally, it’s important to mention that BitMEX has also announced its intention to cease operations, effective September 23.
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