Crypto exchange BitMart declared it will shut down its trading operations after nine years, marking the second major platform to call it quits this week following BitMEX's recent closure announcement. BitMart's decision pushed its native BMX token down by nearly 66% in a single day.
Gradual Shutdown and Market Impact
BitMart halted new user registrations, deposits, and trading orders early Sunday. Futures accounts were switched to “reduce-only” mode, signaling a phased exit. All spot and derivatives trading are set to end by August 26, with the platform officially closing on January 31, 2027, according to the company’s public statement.
The exchange cited challenges related to operating conditions, market environment, and strategic direction without pinpointing any specific cause. Traders should expect withdrawal delays due to compliance reviews and blockchain congestion. BMX token value plunged from above $0.30 to about $0.056, dropping its market cap to approximately $19.7 million.
This move follows BitMEX’s announcement just four days earlier to wind down, ending an era for one of the most influential crypto derivatives platforms during the 2017 2021 bull cycle. BitMEX stopped new registrations on July 23 and plans to cease operations by the end of August.
