BitMart Trading Platform Ceases Operations, BMX Token Plunges 81% in One Week

BitMart halts trading services after nine years, citing strategic shifts. Native token BMX drops 81% to $0.057, market cap falls to $19.6M. Withdrawals remain open but face delays.

Woofun AI reports that BitMart has announced the gradual cessation of its trading platform services following nine years of operation. The exchange halted new registrations, deposits, and orders at 01:30 UTC on July 26, with all spot and derivatives trading scheduled to stop by August 26 and full shutdown by January 31, 2027. While withdrawals remain active, processing may be delayed due to identity and sanctions checks. The company cited operational conditions, market environment, and strategic directions for the decision. Its native token, BMX, has dropped by 81% over the past week to $0.057, reducing its market cap to $19.6 million. BitMart previously absorbed a $196 million loss in December 2021 from a hot wallet vulnerability. This closure follows BitMEX’s recent announcement to shut down after 11 years, marking the second major exchange closure within a week.