Cryptocurrency exchange BitMart announced it will shut down its trading platform after nine years of operation. Trading will halt on Aug. 26, with full closure set for Jan. 31, 2027. The platform's BMX token fell nearly 60 percent following the news.
BitMart said Sunday it will cease operations due to operating conditions, the market environment and future strategic direction. The exchange stopped accepting new registrations, deposits and trading orders from 01:30 UTC on Sunday, with all spot and derivatives trading ending Aug. 26.
Users have until the August cutoff to close positions and withdraw funds, though withdrawals remain open afterward with possible extra identity and security checks. The company reported about $1.6 billion in 24-hour trading volume recently.
BMX dropped about 58 percent in 24 hours to around 8 cents, reducing its market value to roughly $27 million. The token had already declined about 70 percent over the past year.
This marks the second major crypto exchange closure announced this week after BitMEX said Thursday it would shut down after 11 years.
