BitMart Announces Closure After Nine Years in Operation
Crypto exchange BitMart announced it will shut down its trading platform after nine years of operation, becoming the second major crypto venue to close within a week. The company stopped accepting new registrations and deposits on July 26, with spot and derivatives trading ending August 26 and full closure scheduled for January 31, 2027. BitMart cited operating conditions, market environment, and strategic direction as reasons but did not specify external pressures behind the decision. The announcement caused its native token BMX to plummet by over 81% in a week to $0.057, reducing its total value to around $19.6 million. The exchange had previously suffered a significant hot-wallet hack in December 2021 that resulted in the loss of $196 million and required customer compensation. The closures reflect broader industry consolidation, according to Roshan Dharia, CEO of Echo Base, who noted companies must act decisively during such periods. BitMart joins BitMEX, which also announced its shutdown recently.