Crypto exchange BitMart, a Cayman Islands-based platform that has said it serves 5.5 million users worldwide, will wind down after halting new registrations, deposits, and new trading orders from 01:30 Coordinated Universal Time on July 26.

The company also placed futures accounts into reduce-only mode, citing “operating conditions, market environment, and future strategic direction.”

All spot and derivatives trading will end on Aug. 26, and the platform said it will formally cease operations on Jan. 31, 2027.

Withdrawals will remain open throughout, though BitMart said requests may face extra checks on identity, devices, internet protocol addresses, withdrawal addresses, source of funds, and sanctions compliance.

While BitMart’s market ranking was unclear, CoinGecko still tracks it as a centralized spot exchange. Public descriptions say the platform served users in more than 180 countries.

BMX, BitMart’s exchange token used for fee discounts and other platform functions, fell about 58% in 24 hours to roughly US$0.08, leaving it with a market value of about US$27 million.

BitMart was also hit by a 2021 hack in which about US$196 million was stolen from its hot wallets. The closure follows BitMEX’s separate shutdown announcement on July 23.

🔗 Source: CoinDesk