- BitMart will shut down its cryptocurrency exchange, ending trading services on Aug. 26 and ceasing operations entirely by Jan. 31, 2027.
- The exchange’s native token, BMX, lost nearly 70% of its value, and users reported delayed withdrawals, with tracked wallets holding roughly $71 million in assets.
- BitMart joins Bitmex and Dango in announcing closures, signaling accelerating consolidation in the crypto market.
BitMart announced Sunday it will wind down its cryptocurrency exchange, ending all trading services on Aug. 26 before ceasing operations entirely on Jan. 31, 2027. The company stated, “After a careful evaluation of the Company’s operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations,” according to a Sunday notice.
Consequently, BitMart has stopped accepting new user registrations and deposits; futures trading has entered reduce-only mode, and spot markets no longer accept new orders. This closure adds BitMart to a growing list of crypto platforms shutting down, including BitMEX and Dango, which both announced shutdowns this week. Meanwhile, the exchange’s native token, BMX, lost nearly 70% of its value, trading at about $0.09464, down from roughly $0.31 late Friday.
Multiple users on X reported that withdrawals were taking longer than usual, with some claiming Tether USDt (USDT) requests remained pending for hours. Arkham data showed wallets attributed to BitMart held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6, with about $41.5 million in WeFi tokens and roughly $91,000 in USDT. In its wind-down announcement, BitMart said some withdrawal requests could be subject to additional compliance and security reviews, potentially extending processing times.
Some users on X also appeared to confuse BitMart and its BMX token with BitMEX. An X user in the Mandarin-speaking community drew attention to BMX’s price drop while speculating about its cause, according to a post. One user replied, “The whole internet was posting yesterday that it was shutting down on Sept. 30. Did you just wake up?” via a machine translation. Several other users in the Mandarin-speaking community also mixed up BMX with BitMEX.
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