Key facts
- Cryptocurrency exchange BitMart will cease operations by January 31, 2027.
- Trading services will end on August 26.
- BitMart has stopped new registrations and deposits and halted new orders on spot markets.
- The exchange's native token, BMX, has seen a significant price drop.
- Users have reported delays in withdrawing funds from the platform.
Cryptocurrency exchange BitMart announced it will wind down its operations, ending all trading services on August 26 and ceasing operations entirely by January 31, 2027. The decision, attributed to operating conditions, market environment, and strategic direction, follows a significant plunge in its native token, BMX, and user complaints about withdrawal delays.
BitMart has stopped accepting new registrations and deposits, and its futures trading is in reduce-only mode, with spot markets no longer accepting new orders. The exchange's native token, BMX, lost nearly 70% of its value amid the announcement and user reports of prolonged withdrawal processing times. Data indicates BitMart's crypto holdings have decreased significantly in recent weeks.
BitMart joins a growing list of crypto platforms, including BitMEX and Dango, that have announced closures. The exchange previously suffered a $196 million hot-wallet breach in December 2021.