BitMart to Shut Down After 9 Years of Exchange Operations, BMX Plunges 81% in a Week
2026-07-27 10:01
Odaily Planet Daily News: Crypto exchange BitMart has announced it will gradually wind down its exchange business after nine years of operation. As of 01:30 UTC on July 26, the platform has suspended new user registrations, deposits, and order placements. All spot and derivatives trading will cease on August 26, and the platform is scheduled to officially close on January 31, 2027.
BitMart stated that withdrawals will remain open, but checks related to identity, devices, sanctions, and fund sources may slow down processing speeds. The company attributed the closure to its operational conditions, market environment, and future strategic direction.
Its native token, BMX, has fallen 81% over the past week to $0.057, bringing its market capitalization down to $19.6 million. BitMart previously lost $196 million in a hot wallet exploit in December 2021 and subsequently covered customer losses.
Perpetual contract platform BitMEX also recently announced it would shut down after 11 years of operation, making BitMart the second major crypto exchange to announce its closure within a week.
BitMart stated that withdrawals will remain open, but checks related to identity, devices, sanctions, and fund sources may slow down processing speeds. The company attributed the closure to its operational conditions, market environment, and future strategic direction.
Its native token, BMX, has fallen 81% over the past week to $0.057, bringing its market capitalization down to $19.6 million. BitMart previously lost $196 million in a hot wallet exploit in December 2021 and subsequently covered customer losses.
Perpetual contract platform BitMEX also recently announced it would shut down after 11 years of operation, making BitMart the second major crypto exchange to announce its closure within a week.
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