Crypto exchange BitMart to shut down after nine years, BMX token crashes 58%
Crypto exchange BitMart has announced it will shut down its operations by January 2027, following a similar move by BitMEX earlier in the week. The platform's native token, BMX, plummeted 58% following the news, despite the exchange reporting significant trading volumes.
Why it matters
The closure of major crypto exchanges signals ongoing volatility and consolidation within the digital asset industry, impacting market liquidity and investor confidence.
It is the second crypto exchange to announce a closure in the same week, with perpetuals trading powerhouse BitMEX saying Thursday it would shut down after 11 years, as CoinDesk reported .
The exchange stopped accepting new registrations, deposits and new trading orders from 01:30 UTC on Sunday, it said, with futures accounts moving to reduce-only mode.
All trading, spot and derivatives, ends on Aug. 26, and the platform formally ceases operations on Jan. 31, 2027. Withdrawals stay open throughout, though BitMart urged users to complete identity checks, close positions and submit withdrawal requests before the August cutoff.
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
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