Crypto exchange BitMart to shut down after nine years, BMX token crashes 58%
Users have a month to close trades and six months to withdraw, and the exchange gave no specific reason for closing.
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Summary
- Cryptocurrency exchange BitMart will wind down its trading platform after nine years, halting all trading by Aug. 26 and fully ceasing operations on Jan. 31, 2027.
- The closure, attributed vaguely to operating conditions, the market environment and future strategy, sent BitMart’s BMX token down about 58% in 24 hours, extending a yearlong slide of roughly 70%.
- BitMart, which recently reported about $1.6 billion in 24-hour trading volume, is keeping withdrawals open but warns of extra identity and security checks that could delay processing as users rush to exit.
The company attributed the decision to its “operating conditions, market environment, and future strategic direction,” offering no further detail on which of those forced the closure.
CoinDesk has reached out to BitMart for further comment.
