Crypto exchange BitMart to shut down after nine years, BMX token crashes 58%
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- BitMart announced an orderly wind-down after nine years, halting all spot and derivatives trading on Aug. 26 and formally ceasing operations on Jan. 31, 2027, citing vaguely its "operating conditions, market environment, and future strategic direction" without further detail.
- BMX, the exchange's native token, fell about 58% in 24 hours to roughly 8 cents, cutting its market value to about $27 million and extending a roughly 70% yearlong decline rather than starting a new one.
- BitMart still reported about $1.6 billion in 24-hour trading volume — up 51% from the prior period, with bitcoin accounting for nearly half — a jump the source says more plausibly reflects users unwinding positions than any fresh demand.
- Withdrawals stay open throughout the wind-down but carry extra friction: BitMart warned of additional identity verification, device and IP checks, address screening, source-of-funds questions, and sanctions screening, with possible processing delays if request volumes spike.
- BitMEX said Thursday it would shut down after 11 years, making this the second major crypto exchange closure announcement in a single week, as CoinDesk reported.
- BitMart lost about $196 million to a December 2021 hot-wallet breach — one of the larger exchange hacks of that cycle — and covered customer losses at the time.
Why it matters: BitMart's wind-down removes a venue still clearing roughly $1.6 billion in daily volume, and its friction-heavy withdrawal process — extra ID, IP, and sanctions checks — puts the delay risk on nine years of accumulated user balances during a broader same-week exchange exit that included BitMEX.
