BitMart announces exchange shutdown, BMX token drops 58%

Cryptocurrency exchange BitMart announced on July 26, 2026, that it will wind down its trading platform, ending nine years of operation and giving users one month to close all trades. The decision, which follows a similar closure announcement from rival BitMEX just days earlier, triggered a sharp sell-off of BitMart's native BMX token.

The exchange attributed the move to a review of its operating conditions, the market environment, and its future strategic direction, without providing specific details. The phased closure began immediately, with the platform halting new registrations, deposits, and new trading orders as of 1:30 a.m. UTC on July 26. Futures accounts were shifted to a reduce-only mode, allowing users only to close existing positions.

All trading, including spot and derivatives, is scheduled to end at 1:00 a.m. UTC on August 26. The platform will then formally cease all operations at 3:59 p.m. UTC on January 31, 2027. Withdrawals will remain available throughout the process, but the exchange warned that requests may face additional compliance checks, including identity verification, sanctions screening, and source-of-funds reviews, which could cause processing...