The crypto exchange will halt operations by January 2027, citing market conditions and strategic shifts amid a sector-wide consolidation.
Crypto exchange BitMart announced it will wind down its trading platform after nine years, ceasing new registrations and orders as of Sunday. Spot and derivatives trading will end on August 26, with a full shutdown set for January 31, 2027. Withdrawals remain open but may face delays due to compliance checks amid high demand.
The closure follows a turbulent period for BitMart, including a $196 million hack in December 2021. Its native BMX token has collapsed 81% over the past week to $0.057, reducing its market value to $19.6 million. The move comes days after BitMEX also announced its shutdown, signaling broader industry consolidation.
BitMart attributed the decision to “operating conditions, market environment, and future strategic direction” but did not specify which factors were decisive. Analysts suggest the exits reflect a shakeout in digital assets, with only well-capitalized firms likely to survive.