BitMart Announces Crypto Exchange Wind-Down, Trading Ends Aug. 26

BitMart announced on Sunday it will wind down its cryptocurrency exchange, ending all trading services on Aug. 26 before ceasing operations entirely on Jan. 31, 2027. The decision follows a careful evaluation of the company's operating conditions, market environment, and future strategic direction, according to a notice posted on the platform. BitMart joins a growing list of crypto trading platforms including BitMEX and Dango that have announced closures in recent months.

BitMart Implements Phased Shutdown Timeline

Under the shutdown plan, BitMart has stopped accepting new user registrations and deposits. Futures trading has entered reduce-only mode and spot markets no longer accept new orders. The exchange stated in its Sunday notice that some withdrawal requests could be subject to additional compliance and security reviews, potentially extending processing times.

BMX Token Drops Nearly 70% Amid Withdrawal Delays

BitMart's native token, BMX, lost nearly 70% of its value while users reported delayed withdrawals from the exchange. BMX traded at about $0.09464 at the time of writing, down nearly 70% from about $0.31 late Friday. The token fell as low as $0.1058 early Saturday before extending its losses.

Several users on X reported withdrawals taking longer than usual, with some claiming Tether USDt (USDT) withdrawal 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. About $41.5 million was in stablecoin banking platform WeFi's WFI tokens, while the tracked wallets held about $91,000 in USDT.

Users Confuse BitMart with BitMEX on Social Media

Some users on X appeared to confuse BitMart and its BMX token with BitMEX. On Saturday, an X user in the Mandarin-speaking crypto community who goes by "Brother Lu" drew attention to BMX's price drop while speculating about its cause. "The whole internet was posting yesterday that it was shutting down on Sept. 30. Did you just wake up?" another X user replied, according to a machine translation.

The reference to Sept. 30 did not match BitMEX's Sept. 23 shutdown date announced Thursday. BitMEX's own token, BMEX, fell 90% shortly after the notice. Several other users in the Mandarin-speaking community also mixed up BMX with BitMEX. It was not immediately clear whether the confusion had any impact on BMX trading.

FAQ

When will BitMart stop all trading services?

BitMart will end all trading services on Aug. 26, according to the Sunday notice posted by the exchange.

Why did BMX token drop nearly 70% in value?

BMX dropped from about $0.31 late Friday to about $0.09464 following BitMart's wind-down announcement on Sunday, while users reported delayed withdrawals from the exchange.