Tag: BitMEX

BitMart has announced it will close its cryptocurrency exchange after nine years of operation, becoming the second major platform to shut down within a week. The exchange will end spot and derivatives trading on August 26, with the platform formally closing on January 31, 2027.

The company halted new registrations, deposits, and orders at 01:30 UTC on Sunday. Meanwhile, its native BMX token has fallen 81% over the past week to $0.057, reducing its market value to approximately $19.6 million, according to CoinGecko data.

Withdrawals Remain Open Under Stricter Checks

Withdrawals remain available, but BitMart warned that identity, device, sanctions, and source-of-funds reviews could slow processing. The exchange promised a responsible, orderly, and transparent wind-down. Users should use official channels, verify wallet networks and addresses, and reject any requests for passwords, two-factor codes, private keys, or recovery phrases.

Staged Shutdown Timeline

BitMart linked the closure to operating conditions, the market environment, and its future strategic direction, but did not identify a single event forcing the decision. The company did not report insolvency, nor did it connect the shutdown to a regulatory order, security incident, or shortage of customer assets.

Several service changes preceded the announcement: BitMart suspended its automated market-making bot on July 24, ended spot margin trading with forced liquidation on July 26, and told remaining US-linked users to close positions and withdraw by August 8 as part of a compliance review.

BMX Token Decline and Industry Context

BitMart entered the market in 2017 and built its business around a broad selection of smaller tokens. A 2021 funding round valued the company above $300 million. Days after that round, attackers compromised two hot wallets, with losses estimated near $150 million by BitMart and up to $196 million by outside sources. The exchange later used its own funds to cover customer losses, and its shutdown notice does not connect the wind-down to that breach.

BitMart’s announcement follows other planned exits. BitMEX said it will close its derivatives exchange on September 23 after 11 years and a strategic review, while Odos plans to shut its decentralized exchange aggregator on July 30.

In May 2026, BitMart said its operations remained normal while addressing concerns about withdrawals and risk controls, and it planned to publish proof of reserves after completing security preparations.

Key Takeaways for Users

• Trading ends August 26, 2026; platform fully closes January 31, 2027
• BMX token down 81% in one week
• Withdrawals remain open but may be delayed by compliance checks
• Use only official website, mobile app, registered emails, and support system
• Scammers may exploit the closure; never share credentials or pay for faster withdrawals

BitMart, a cryptocurrency exchange that has operated for nine years, has announced that it will shut down its trading platform. The company will cease all trading on August 26, 2026, and fully close operations on January 31, 2027. The decision follows a review of its business conditions, market environment, and future strategic direction, though no specific financial, legal, or security issue was cited.

According to the announcement, new registrations, deposits, and trading orders were halted at 01:30 UTC on July 26. Futures accounts were switched to reduce-only mode, allowing users to close existing positions but not open new ones. BitMart advised users to complete identity verification, cancel open orders, and submit withdrawal requests before 05:00 UTC on August 26. After trading ends, accounts will remain accessible, but withdrawals may undergo additional review.

The exchange also stated that services such as Earn, staking, lending, Launchpad, copy trading, grid trading, and automated features will be phased out gradually, with separate notices detailing redemption dates.

BMX Token Drops 58% Amid Withdrawal Delays

Following the closure announcement, BitMart’s native BMX token plummeted by approximately 58%, trading near $0.08 with a market capitalization of around $27 million. The token had already lost about 70% of its value over the past year before this latest decline. Users reported slower withdrawal processing, including pending Tether requests, which BitMart attributed to additional checks such as identity verification, device and IP address review, source-of-funds analysis, sanctions screening, and Travel Rule compliance.

Blockchain data from Arkham indicated that wallets linked to BitMart held approximately $71 million on Sunday, down from roughly $102 million on July 6. Most assets tracked were WFI tokens, with only about $91,000 in USDT.

Second Exchange Closure in a Week

BitMart is the second crypto exchange to announce a shutdown within a week. On July 23, BitMEX revealed it would close its trading platform in September after 11 years. Both companies used similar language, describing their decisions as strategic reviews. The announcements also caused confusion among social media users, who mistakenly associated BitMart’s BMX token with BitMEX’s BMEX token, leading to a sharp decline in BMEX as well.

Despite the closure, BitMart reported approximately $1.6 billion in 24-hour trading volume after the notice, with Bitcoin accounting for nearly half of that activity. The exchange did not clarify whether the volume spike was due to users closing positions or moving funds.

BitMart previously suffered a $196 million hot-wallet breach in December 2021, though it covered customer losses at that time. The company has not linked the earlier attack to its current decision to wind down.