Key highlights:
- BitMart will end all trading services in August.
- The exchange has already stopped registrations, deposits, and new trading orders.
- BMX token fell over 60% after the announcement.
BitMart has shared that it will close its cryptocurrency exchange after almost a decade in business. This comes just days after crypto derivatives exchange BitMEX announced plans to shut down as well.
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… pic.twitter.com/KX3zczIrAh
— BitMart (@BitMartExchange) July 26, 2026
The firm said the shutdown was after the team conducted a review of its operating conditions and the current market environment. The company, however, did not confirm categorically what led to the decision. After the news was shared, the exchange’s native BMX token crashed rapidly.
BitMart reveals timeline for exchange closure
In the press release, BitMart said it had stopped accepting new account registrations. They also added that new crypto and fiat deposits and trading orders have now been halted. These restrictions began at 01:30 UTC on July 26.
Futures trading is now set to the reduce-only mode. This means users can only close its old positions instead of opening new ones.
Other services, including copy trading, grid trading, API trading, among others, are now being phased out. The exchange said all spot and futures trading will end at 01:00 UTC on August 26.
BitMart will still be available for use till January 31, 2027. After that, users will only have limited access to check their transaction history and complete any remaining withdrawals.
The company encouraged customers to act early, advising to end all trading positions before the designated date.
“We strongly recommend that all users complete identity verification and close all trading positions before 01:00 (UTC) on August 26, 2026, and submit withdrawal requests before 05:00 (UTC) on August 26, 2026,” BitMart said.
The exchange mentioned that these requests may need additional security checks, which may include identity verification, device and IP address checks, wallet ownership verification, among others. Processing times may also take longer, especially as many users may be trying to withdraw funds at the same time.
BitMart advised users to cancel open orders, redeem staking and Earn products where possible before services are discontinued.
BMX token drops as users react
The BMX token fell by about 63% on Sunday as traders reacted to the news. At one point during the trading session, the coin traded at $0.052, while its market value dropped to around $20.68 million.
The shutdown comes after many service changes made in the past few days. For instance, the company suspended its automated market-making bot. It also ended spot margin trading and asked some U.S.-linked users to withdraw their assets during a compliance review.
The exchange has not linked its closure to financial problems, insolvency, regulatory action, or security issues. The firm only mentioned changing business conditions and strategic plans.
BitMart has warned users to be careful of scammers who would try to take advantage of the update. The company said that it will never ask users for sensitive information about their accounts and also confirmed that there are no special fees for faster withdrawals.
Source:: BitMart Is Shutting Down Its Crypto Exchange—Here's What Users Need to Know