Crypto exchange BitMart says it will wind down its platform after nearly nine years. According to multiple reports, the exchange plans for customers to continue closing existing trades for a limited period, while later withdrawing remaining funds. One outlet reports users have one month to close trades and six months to withdraw, and also notes that BitMart did not provide a specific reason for ending operations. Another report says BitMart sets a trading end date of Aug. 26, and that platform operations are scheduled to end in January.
Both accounts reference turbulence around BitMart’s BMX token. CoinDesk reports the BMX token crashes by about 58%, while Cointelegraph links the exchange’s decision to a sharp drop in the token and mentions user reports of withdrawal delays. The reports agree that BitMart is taking steps to stop trading and eventually cease operations, but they differ on whether and how the exchange frames its rationale. The exchange communications do not specify a single detailed cause in the cited coverage.
