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BitMart to wind down trading by Aug. 26, BMX token plunges 58%
BitMart stopped new registrations, deposits, and trading orders on Sunday, with withdrawals staying open but identity and security checks may delay processing as users rush to exit.
CoinDesk reports that cryptocurrency exchange BitMart will wind down its trading platform after nine years, halting all trading on Aug. 26 and fully ceasing operations on Jan. 31, 2027.
BitMart said it is attributing the shutdown to its operating conditions, market environment, and future strategic direction, without giving further detail. The exchange stopped accepting new registrations, deposits, and new trading orders from 01:30 UTC on Sunday, and futures accounts moved to reduce-only mode, while withdrawals remain open throughout the wind-down period.
The announcement drove BitMart’s BMX token down about 58% over 24 hours to roughly 8 cents, extending a yearlong slide of about 70% as the token’s market value fell to around $27 million.
BitMart also warned users to complete identity checks, close positions, and submit withdrawal requests before the August cutoff, noting that additional identity and security checks could delay withdrawal processing. The outlet also noted BitMart is the second crypto exchange to announce a closure this week, following BitMEX’s plan to shut down after 11 years.