BitMart pulls the plug, BMX drops 58% — another exchange clocks out before the decade does 📉

Cryptocurrency exchange BitMart will wind down its trading platform after nine years of operation, halting all trading on Aug. 26 and formally ceasing operations on Jan. 31, 2027. The platform stopped accepting new registrations, deposits and new trading orders at 01:30 UTC on Sunday, with futures accounts moved to reduce-only mode. Withdrawals will remain open throughout the wind-down, though BitMart urged users to complete identity checks, close positions and submit withdrawal requests before the August cutoff.

The company attributed the decision to its "operating conditions, market environment, and future strategic direction," without specifying which factor drove the closure. The announcement came five days after perpetuals trading platform BitMEX said Thursday it would shut down after 11 years, as reported by CoinDesk, making BitMart the second major exchange to announce a closure within a single week.

BitMart's native token, $BMX, fell to roughly 8 cents, down 58% over 24 hours, cutting its market capitalization to about $27 million. The token had already declined around 70% over the past year, meaning Sunday's move extended an existing slide rather than initiating one.

Despite the shutdown, BitMart had reported approximately $1.6 billion in 24-hour trading volume before the announcement, up 51% from the prior period. The exchange said it would apply additional identity and security checks during the withdrawal process, warning that processing times could lengthen as users move to exit.

BitMart's statement did not name a replacement venue or successor entity for affected users, and the exchange did not immediately respond to requests for further detail on the reasons behind the orderly wind-down.