BitMart, one of the world’s largest cryptocurrency exchanges by trading volume, has announced that it will begin an orderly shutdown of its trading platform operations.
The trading platform said it made the decision after evaluating its “operating conditions, market environment, and future strategic direction.” The exchange stressed that the wind-down process would be conducted in an orderly manner.
BitMart is not a small crypto platform. According to exchange rankings by daily trading volume, it has consistently ranked among the top global exchanges alongside industry giants such as Binance, Coinbase, OKX, Bybit, KuCoin, and others. The platform supported hundreds of cryptocurrencies and served users across multiple regions, which is why its sudden demise is rather notable. It boasts a 24-hour derivatives trading volume of $8.4 billion, according to CoinMarketCap data.
The shutdown process
Starting July 26 at 01:30 UTC, BitMart will stop accepting new user registrations. Fiat deposits will be suspended and all trading activity will be halted. The exchange warned users not to send assets after deposits are disabled.
Full trading services, including spot and futures markets, will end on Aug. 26 at 01:00 UTC. Any remaining futures positions may be settled according to the platform’s settlement rules.
This is already the second major trading platform to announce that it is shutting down this year amid the ongoing bear market.
Earlier this week, as reported by U.Today, another veteran crypto exchange, BitMEX, announced that it would shut down operations after more than 11 years in business. The exchange will cease operations on Sept. 23. It has urged users to close positions and withdraw funds before the deadline.
Dan Burgin
U.Today Editorial Team
