BitMart told users on July 26 that it will wind down its trading platform, sending the exchange's native BMX token into a steep slide. The price of BMX dropped 46% to $0.11016 after the announcement, leaving it 82% below its all-time high of $0.61905 from June 5, 2024.
What users need to do — and by when
The exchange immediately suspended new registrations, deposits, and orders at 01:30 UTC on July 26. Futures accounts were switched to reduce-only mode the same day. Users have until August 26, 2026 to close all positions and withdraw their assets. After that, platform operations will continue in a limited fashion until January 31, 2027, when everything shuts down for good.
Copy trading, grid trading, and API trading are being phased out on their own schedules. Earn, staking, lending, and Launchpad products will also wind down, though BitMart said those will follow separate timelines. The company urged users to check its announcements for product-specific deadlines.
Why the exchange is closing
BitMart cited a review of operating conditions, the market environment, and its future strategic direction as reasons for the closure. The company did not provide further details or name any specific regulatory or financial pressures. The announcement came without warning — the platform had been operating normally until the early hours of July 26.
BitMEX also calls it quits
BitMart's shutdown came in the same week that BitMEX, another crypto derivatives exchange, announced it would end operations on September 23, 2026. The two closures, coming so close together, underscore a broader contraction in the crypto exchange space. BitMEX did not give a detailed reason either, but the timing suggests a tough environment for smaller and mid-tier platforms.
For BitMart users, the clock is ticking. Anyone with open positions or funds still on the exchange has until August 26 to get out. After that, withdrawals may no longer be possible.
