BitMart shutdown sets August trading halt as BMX token drops

The BitMart shutdown gives crypto users a new deadline to watch: the exchange said Sunday it will wind down its trading business after nine years. For everyday investors, the immediate issue is practical, since BitMart has stopped new activity and told users withdrawals remain available while the platform prepares to close.

BitMart said in a notice posted to X and its support site that it halted new account registrations, deposits and new orders at 01:30 UTC on Sunday. The company said all spot and derivatives trading will end on August 26, and the trading platform will fully cease operations on January 31, 2027.

Spot trading means buying or selling crypto for current delivery. Derivatives are contracts tied to the price of an asset, such as futures or perpetual swaps, rather than direct ownership of the token itself.

When is BitMart shutting down?

BitMart’s shutdown timeline has three main dates. New registrations, deposits and orders stopped on Sunday at 01:30 UTC, all trading is scheduled to end on August 26, and the platform’s formal closure is set for January 31, 2027, according to the company.

The exchange said it made the decision after reviewing its operating conditions, the market environment and its future strategy. BitMart did not identify a single cause for the closure.

BitMart said it remains committed to handling the wind-down in a responsible, orderly and transparent way. The exchange said withdrawals remain open, though it warned that processing could take longer because of checks tied to identity verification, devices, sanctions screening and source-of-funds reviews.

What happened to the BMX token?

BMX, BitMart’s exchange token, has dropped 81% over the past week to $0.057, according to CoinGecko data cited by Decrypt. That decline reduced the token’s market value to about $19.6 million.

An exchange token is a crypto asset issued by a trading platform, often used for fees, rewards or other platform-linked functions. When an exchange winds down, investors usually reassess the token’s usefulness because much of its value can depend on activity inside that platform’s ecosystem.

BitMart’s closure also revives attention on its 2021 security breach. The platform lost $196 million from a hot-wallet hack in December 2021, according to Decrypt, and later covered customer losses. A hot wallet is a crypto wallet connected to the internet, which can make it easier to use but more exposed to attacks than offline storage.

Why are crypto exchanges closing?

BitMart’s announcement came days after BitMEX said it would close after 11 years. That makes BitMart the second major crypto exchange in a week to announce a shutdown, according to Decrypt.

Roshan Dharia, CEO of investment firm Echo Base, told Decrypt that digital assets are entering a period of significant consolidation. He said firms that get through the pressure will be the ones that recognize stress early, act quickly and secure capital and strategic support before their choices shrink.

For users, the key confirmed facts are the trading deadline, the final closure date and BitMart’s statement that withdrawals remain open. The company has not said which specific business pressure led to the decision.

This story draws on original reporting from Decrypt.