Crypto exchange BitMart to shut down after nine years, BMX token crashes 58% — SkimNews
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- BitMart announced an orderly wind-down of its trading platform after nine years, with all spot and derivatives trading ending Aug. 26 and full cessation on Jan. 31, 2027.
- BitMart attributed the closure to "operating conditions, market environment, and future strategic direction" without specifying which factor drove the decision.
- BMX token fell about 58% in 24 hours to roughly 8 cents, cutting its market value to about $27 million and extending a yearlong slide of roughly 70%.
- BitMart reported $1.6 billion in 24-hour trading volume (up 51%), with bitcoin accounting for nearly half—volume the source says more likely reflects users unwinding positions than fresh demand.
- BitMart is keeping withdrawals open but warns of extra identity verification, device/IP checks, withdrawal-address screening, source-of-funds questions, and sanctions checks that could delay processing.
- BitMEX announced the previous Thursday it would shut down after 11 years, making BitMart the second major crypto exchange to announce closure in a single week.
- BitMart lost about $196 million to a hot-wallet breach in December 2021, one of the larger exchange hacks of that cycle, which it covered at the time.
Why it matters: BitMart users have until Jan. 31, 2027 to withdraw, but enhanced KYC, address screening, and sanctions checks may delay processing as users rush to exit. The closure follows BitMEX's exit days earlier, completing a back-to-back shutdown of two legacy exchanges that still cleared billions in daily volume.
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