BitMart has announced its closure after almost nine years, causing a 58% drop in its BMX token's value.
BitMart, a cryptocurrency exchange operational for nearly nine years, has declared it will cease all activities, resulting in a dramatic 58% drop in its BMX token's value.
Trading to end in August; withdrawals permitted for six months
On July 26, BitMart announced its decision to wind down operations, leading to a near 60% fall in BMX token value, which was already down about 70% over the past year. The token now trades at approximately 8 cents, with a market cap around $27 million. The reasons for closure remained unclear, though BitMart mentioned factors like operational conditions and strategic direction.
Despite the unfavorable news, BitMart reported a trading volume of $1.6 billion over the last 24 hours, a 51% increase, likely due to users liquidating assets rather than new trades.
- The exchange will halt all trading by August 26 and fully close by January 31, 2027.
- Users must verify identities to withdraw funds before the August cut-off.
- BitMart's closure follows a similar announcement by BitMEX, highlighting ongoing struggles in the crypto exchange market.
Starting from Sunday, new user registrations, deposits, and trading orders have been suspended, with futures accounts reduced to liquidation mode only. The company warned that processing withdrawals might take longer 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 this decision.
— BitMart (@BitMartExchange) July 26, 2026
Previously, in December 2021, BitMart faced a major security breach that resulted in losses nearing $196 million, which the company addressed at that time. Requests for further comments on this closure have been sent to BitMart.
