BitMart to Close After 9 Years as BMX Token Plunges 58%

Users have one month to close their positions and up to six months to withdraw funds, though the exchange did not provide a clear reason for shutting down.

Crypto exchange BitMart announced on Sunday that it will gradually wind down its trading platform after nine years in operation. Following the news, its native token dropped nearly 60%.

This marks the second exchange closure announced this week. Earlier, derivatives-focused giant BitMEX revealed on Thursday that it would also shut down after 11 years, according to CoinDesk.

BitMart stated that it halted new account registrations, deposits, and fresh trading orders starting at 01:30 UTC on Sunday. Futures accounts have been shifted to reduce-only mode.

All trading activities, including spot and derivatives, will cease on Aug. 26, while the platform is scheduled to fully shut down by Jan. 31, 2027. Withdrawals will remain available during this period, but users are strongly encouraged to complete identity verification, close open positions, and submit withdrawal requests before the August deadline.

In an official notice, the company said the decision followed a review of its operational conditions, market environment, and long-term strategy, without specifying which factor was decisive.

CoinDesk has contacted BitMart for additional clarification.

The platform’s token, BMX, fell to around $0.08, marking a 58% drop within 24 hours and reducing its market capitalization to approximately $27 million. The token had already declined about 70% over the past year, making the latest drop part of a prolonged downward trend.

Despite the shutdown, BitMart’s trading activity remains notable. The exchange reported $1.6 billion in 24-hour trading volume, a 51% increase from the prior period, with bitcoin making up nearly half of the total. The spike likely reflects users closing positions and withdrawing funds rather than new inflows, raising questions about why an exchange with such volume is shutting down.

Withdrawal procedures may also be more complex than usual. BitMart warned that requests could undergo additional checks, including identity verification, device and IP validation, withdrawal address screening, source-of-funds inquiries, and sanctions compliance. Processing times may be extended if there is a surge in withdrawal requests.

BitMart previously suffered a major security breach in December 2021, when approximately $196 million was stolen from its hot wallets. The company covered user losses following the incident.