BitMart to Shut Down After 9 Years as BMX Token Crashes Up to 58%
BitMart winds down trading by Aug 26, 2026, with full closure set for Jan 31, 2027, after BMX token plunges as much as 58% in 24 hours.
BitMart’s exchange token BMX cratered as much as 58% in 24 hours after the crypto exchange announced Sunday it will wind down its trading platform, ending nine years of operation. CoinDesk put the drop at roughly 58%, while BeInCrypto reported a 46% slide — both outlets agree the token is now down around 70% over the past year, and the sell-off accelerated sharply the moment the closure notice hit.
The exchange, which said it recently handled about $1.6 billion in 24-hour trading volume, stopped accepting new registrations, deposits and new trading orders starting at 01:30 UTC on Sunday. Futures accounts were shifted into reduce-only mode, meaning traders can only close existing positions, not open new ones.
A six-month runway before the exchange goes dark
BitMart set a clear timeline for users to exit. All trading — both spot and derivatives — will end on Aug. 26, 2026, and the platform will formally cease operations on Jan. 31, 2027. That gives traders roughly a month to close out positions and about six months in total to withdraw funds before the exchange disappears entirely.
Withdrawals remain open throughout the wind-down, but BitMart warned that additional identity verification and security checks could slow processing as users rush to pull their assets ahead of the deadlines. The exchange urged customers to complete know-your-customer checks, close open positions and submit withdrawal requests before the August cutoff to avoid getting caught in a last-minute bottleneck.
No specific reason given for the closure
BitMart attributed the decision to “operating conditions, market environment, and future strategic direction” in its announcement, but offered no further detail on which of those factors actually forced the shutdown. The vague language leaves BMX holders and traders without a clear explanation for why a nine-year-old exchange with billion-dollar daily volume is closing its doors.
The timing compounds investor unease: BitMart is the second crypto exchange in the same week to announce a full closure. Perpetuals-trading platform BitMEX said Thursday it would shut down after 11 years in business, a move Cryptaur has previously reported on alongside disputes over BitMEX’s $270 million insurance fund and the near-total collapse of its BMEX token.
Read more: BitMEX Shutdown: $270M Insurance Fund Disputed as BMEX Token Sheds 96%
Why it matters for BMX holders and traders
For anyone still holding BMX or funds on BitMart, the math is stark: a token already down about 70% over the past 12 months just lost roughly another half of its remaining value in a single day. Traders with open positions have until Aug. 26 to close them, and everyone with balances on the platform has until Jan. 31, 2027, to withdraw before the exchange ceases to exist.
The back-to-back exits of BitMart and BitMEX within the same week underscore how quickly even long-standing, high-volume exchanges can wind down operations — reinforcing the case for holders to track withdrawal deadlines closely rather than assume liquidity will remain available on any single platform indefinitely.
Sources
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