BitMart said Sunday that it will begin an orderly wind-down of its trading platform operations, citing a review of its operating conditions, market environment, and future strategic direction. The exchange did not provide a detailed timetable in the X post viewed by Open News, but said it regretted the decision and thanked users for their support.

The announcement marks a notable retreat for a centralized crypto exchange that has operated for years and maintained a broad token listing footprint. CoinDesk reported that the platform is closing after nine years of operation and said the exchange had still been reporting meaningful trading activity before the decision.

The market reaction was immediate in BitMart's exchange token. CoinGecko data shortly after the announcement showed BMX trading at roughly 8 cents, down more than 50% over 24 hours, with a market capitalization near $27 million. CoinDesk reported a steeper intraday move of about 58%, so the conservative reading is that the token lost more than half its value after the wind-down notice.

The closure adds to pressure on smaller and mid-sized centralized exchanges as regulation, liquidity, and operating costs keep rising. For users, the key unresolved issue is the practical wind-down process: how quickly trading support ends, what withdrawal deadlines apply, and whether any services continue outside the main trading platform.