BitMart has started shutting down its trading platform, triggering a sharp 46% drop in its native token, BMX, within 24 hours. The exchange urged users to close all positions and withdraw assets promptly to avoid being caught in the winding down process.
Structured Wind-Down Plan Unfolds Over Six Months
The exchange announced the closure following a careful review of its market position, operational challenges, and strategic outlook. As of July 26, new user registrations, deposits, and orders have been suspended. Futures trading accounts are now limited to reduce-only mode, and spot trading stopped accepting new orders on the same day.
Additional services like copy trading, grid trading, and API operations will be discontinued in phases while products such as Earn, staking, lending, and Launchpad will follow their individual winding schedules.
Full cessation of all trading activities is set for August 26, 2026, with the platform expected to completely stop operations by January 31, 2027. BitMart stressed the importance of completing KYC verification and submitting withdrawal requests by 05:00 UTC on August 26 to secure funds.
BMX Token Suffers Heavy Loss Amid Industry Exit
The immediate market response saw BMX tumble to around $0.11, losing nearly half its value in one day and now sitting over 80% below its June 2024 peak.
This shutdown comes just days after BitMEX revealed its own closure plans set for September 23, highlighting a week of notable exits from prominent crypto exchanges. Traders currently have about a month to finalize their positions on BitMart before spot and futures trading stop.
