Markets BitMart, a cryptocurrency exchange, has announced it will shut down after nearly a decade of operation, prompting a steep decline of 58% in its BMX token.

Users have until the end of August to close trades, with a six-month window for withdrawals; the exchange did not specify its reasons for closing.

By Shaurya Malwa Jul 26, 2026, 6:59 a.m. 2 min read

On Sunday, BitMart revealed its plans to wind down operations, marking the end of its nine-year tenure in the cryptocurrency trading space. This announcement led to a significant drop in the value of its BMX token, which fell nearly 60%, extending a year-long decrease of about 70%.

BitMart cited vague reasons for its closure, including operational conditions and future strategic direction. As a result of this news, the exchange’s BMX token plummeted to around 8 cents, now valued at approximately $27 million. Despite the closure, BitMart reported a 24-hour trading volume of about $1.6 billion, which rose 51% from the previous period. However, this surge is likely tied to users liquidating their positions rather than new investments.

  • The exchange will stop all trading activities by August 26 and will completely cease operations by January 31, 2027.
  • Withdrawals will remain available, but users are advised to complete identity verification and submit withdrawal requests before the August deadline.
  • BitMart's decision comes shortly after BitMEX also announced its closure, marking a challenging week for cryptocurrency exchanges.

Starting from Sunday at 01:30 UTC, BitMart ceased accepting new user registrations, deposits, and trading orders, with futures accounts now in a reduce-only mode. The exchange emphasized that the withdrawal process may involve additional checks, which could prolong the processing time due to increased demand.

Important Notice

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. We deeply regret having to make… pic.twitter.com/KX3zczIrAh

— BitMart (@BitMartExchange) July 26, 2026

In December 2021, BitMart experienced a significant security breach, resulting in losses of approximately $196 million, which the company covered at the time. CoinDesk has reached out for additional comments regarding the closure.