BitMart to Shut Down Crypto Exchange Operations as BMX Token Falls 63%
BitMart is shutting down its crypto trading platform, becoming the latest centralized exchange to announce a wind down of operations. The exchange is urging users to close their positions and withdraw their assets as soon as possible. Following the announcement, BitMart’s native BMX token plunged approximately 63% over the past 24 hours.
According to the company, new user registrations, deposits, and new trading orders were suspended on July 26, 2026. All spot, futures, and other trading services will end on August 26, 2026, while the platform will officially cease operations on January 31, 2027.
BitMart begins orderly wind down
BitMart said it decided to wind down its operations after reviewing the company’s operating conditions, market environment, and long term strategic direction. The exchange thanked its users for their support and stated that the shutdown will be carried out in an orderly and transparent manner.
From July 26 onward, the platform no longer accepts new registrations or crypto and fiat deposits. Users are also unable to place new spot orders or open new futures positions, while outstanding orders will either need to be canceled manually or will be canceled automatically.
Withdrawals remain available
The exchange confirmed that withdrawals will remain available during the wind down process. Users are encouraged to complete KYC verification if required, close all trading positions, and withdraw their assets well before the announced deadlines.
BitMart also warned that withdrawals may be subject to additional compliance and security reviews. Processing times could increase if withdrawal requests surge or blockchain networks become congested.
Products including Earn, staking, lending, and Launchpad will also be phased out over the coming months.
BMX token drops sharply
The announcement immediately impacted the market, with BitMart’s BMX token falling roughly 63% within 24 hours.
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