BitMart to shut down after nine years, BMX token crashes 58%
In brief
- BitMart halts new registrations, deposits, and trading orders as of Sunday 01:30 UTC
- Trading ends August 26, 2026; platform formally closes January 31, 2027
- BMX token crashes 58% to ~8 cents; market cap drops to ~$27 million
- Exchange cites operating conditions but provides no detailed rationale for shutdown
- Users have one month to close positions and six months to withdraw funds
Token Collapse and Market Impact
BMX, BitMart's exchange token, crashed 58% to approximately 8 cents following the shutdown announcement, slashing its market value to roughly $27 million. The token had already declined about 70% over the past year before the closure news broke. BitMart itself reported approximately $1.6 billion in 24-hour trading volume, up 51% from the previous period, with bitcoin accounting for nearly half of that activity.
Wind-Down Timeline and User Requirements
BitMart urged users to complete identity checks, close positions, and submit withdrawal requests before the August cutoff. Withdrawal requests may face additional review, including identity verification, device and IP checks, withdrawal-address screening, source-of-funds questions, and sanctions checks. Users have roughly one month to close all trades and six months from the trading halt to withdraw remaining funds.
The company attributed the decision to its operating conditions, market environment, and future strategic direction, offering no further explanation for the sudden closure. This shutdown marks the second major exchange to announce a wind-down in the same week—perpetuals trading platform BitMEX announced it would shut down after 11 years of operation.
Historical Context
BitMart experienced a significant security incident in December 2021 when a hot-wallet breach resulted in approximately $196 million in losses, one of the larger exchange hacks of that cycle. The company covered customer losses at the time, but the incident marked a turning point in the platform's reputation and trajectory.
