BitMart Announces Exchange Closure as BMX Token Drops Over 50%

BitMart has begun closing its cryptocurrency exchange after reviewing its operating conditions, market environment, and strategy. The platform stopped new registrations, deposits, and trading orders on July 26.

It will end trading services on August 26 before terminating the trading platform in January 2027. The announcement triggered selling in BMX, the exchange’s native token, which lost more than half its value within 24 hours.

BitMart has kept withdrawals open while urging users to close positions, cancel orders, and move funds before deadlines.

BitMart Starts Phased Exchange Shutdown

BitMart stopped new account registrations, crypto deposits, fiat deposits, and new spot orders at 01:30 UTC on July 26.

The exchange also placed futures accounts in reduce-only mode, allowing customers to lower or close positions while blocking new exposure. Copy trading, grid trading, API trading, and other automated services also began winding down.

The company will stop spot, futures, and other trading services at 01:00 UTC on August 26. It will end trading-platform operations at 15:59 UTC on January 31, 2027. Users will retain limited account access after that date to review records and submit withdrawal requests through a separate process.

BitMart asked customers to close positions before the August 26 trading cutoff. It also advised users to submit withdrawals before 05:00 UTC that day.

Identity checks, sanctions screening, wallet ownership reviews, source-of-funds checks, Travel Rule requirements, and network congestion may delay some requests.

Customers must cancel open orders, redeem Earn products, exit staking and lending services, and download transaction records. BitMart may settle futures positions left open after trading ends by using its mark price, index price, or other rules.

Users who miss the recommended withdrawal window will need to follow a later process that the company has not yet detailed.

BMX token sinks after closure notice

BMX fell by about 63% during the 24 hours surrounding the announcement. BitMart’s market page showed a decline of nearly 65% at one stage.

On the other hand, CoinGecko placed the token near $0.164 on July 26. Daily trading volume reached about $6.1 million as traders reacted to the closure plan.

The token’s market value dropped to $55.6 million, down from more than $100 million earlier in the week. BMX gives holders trading-fee discounts and access to other platform benefits.

The shutdown removes much of that direct use, placing pressure on demand. Price readings varied across tracking platforms as the market moved quickly.

Recent Restrictions Precede BitMart Exit

BitMart exchange cited operating conditions, the market environment, and its future strategic direction. It did not say that it faced insolvency, a security breach, a regulatory order, or a shortfall in customer assets. Users have not received a formal financial explanation.

The shutdown follows several service restrictions introduced in recent days. BitMart suspended its automated market-making bot on July 24 and returned users’ principal and earnings to spot accounts.

It also ended spot margin trading and scheduled forced liquidations for July 26. Earlier, the company asked remaining U.S.-linked users to close positions. They also asked to withdraw funds by August 8 during a compliance review.

BitMart’s announcement arrived days after BitMEX said it would close its derivatives exchange on September 23 following a strategic review. Odos also announced plans to close its decentralized exchange aggregator on July 30. However, each platform gave different reasons and timelines.

BitMart entered the crypto market in 2017 and expanded through listings of smaller digital assets. The company reached a valuation above $300 million after a Series B round in 2021.

That year, attackers stole assets from two hot wallets, and BitMart said it would compensate affected users with company funds.