BitMart will close its crypto exchange after nine years, ending all trading Aug. 26, and its BitMart Token (BMX) sank 58% in a day.
Key Points:
- BitMart halted new registrations, deposits and new orders on Sunday, and futures accounts moved to reduce-only mode.
- All spot and derivatives trading ends Aug. 26, with platform operations ceasing Jan. 31, 2027.
- Withdrawals stay open, though the exchange warned of added identity, sanctions and source-of-funds reviews.
BitMart Shutdown Timeline And Deadlines
The exchange published its notice on Sunday and stopped taking new registrations, deposits and trading orders at 01:30 UTC. Futures accounts shifted to reduce-only mode the same day, and spot markets stopped accepting fresh orders from existing customers.
Copy trading, grid trading, staking, lending and Launchpad products will close on staggered schedules, the company outlined.
All spot and derivatives trading stops at 01:00 UTC on Aug. 26, and the platform formally ceases operations at 15:59 UTC on Jan. 31, 2027, leaving customers roughly six months to close positions and pull their money out.
BitMart said it acted after reviewing its operating conditions, the market environment and its strategic direction, without naming a single cause. Withdrawal requests may still face identity checks, address screening, source-of-funds questions and sanctions reviews.
Some customers already reported delays on Sunday, and the company warned that processing could stretch further if requests pile up near the deadline.
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BMX Token Crash And Trading Volume
Traders reacted within hours. BMX fell to about 8 cents, down 58% over 24 hours, which cut its market value to roughly $27 million and extended a slide of close to 70% over the past year.
Volume told a different story. BitMart counted about $1.6 billion in trades over 24 hours, up 51% from the previous period, with Bitcoin (BTC) accounting for nearly half of the total. That jump more plausibly reflects users unwinding positions and moving money out than any fresh demand, which leaves open why a venue still clearing that much flow is closing.
Exchange Closures Follow BitMEX Exit
BitMEX, credited with inventing the perpetual swap, told users Thursday it will close Sept. 23 after 11 years, while EXMO began winding down this month after Britain added it to a Russia-related sanctions list.
Each case differs, but analysts covering the sector note that the cluster of exits shows how hard offshore venues now find it to compete against the largest exchanges under tighter regulatory requirements.
BitMart launched in 2017 and grew into a busy altcoin venue through the 2021 bull market. It lost about $196 million to a hot-wallet breach that December, one of the bigger exchange hacks of the cycle, and covered customer losses at the time. BMX peaked at $0.61905 on Jun. 5, 2024, and has traded far below that level ever since.
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