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FollowingBitmart announced the closure of global cryptocurrency exchanges, and BMX tokens plunged 60%
According to CoinGecko, after nine years of operation, Bitmart announced the closure of its global cryptocurrency exchange. The news sent BMX tokens down about 60% on Sunday. The company said: "After careful evaluation of the company's operating conditions, market environment and future strategic direction, Bitmart made a difficult decision and began to orderly shut down its trading platform operations. We deeply regret this."
Bitmart said that some system functions will continue to operate while customers close positions, redeem goods, keep records and withdraw funds. The deadline for the platform to fully cease operations is January 31, 2027 at 15:59 UTC.
The shutdown follows reports that another exchange, BitMEX, had also ended its business after 11 years of operation. This means that in just four days, the two major cryptocurrency trading platforms were closed one after another.
Bitmart restricts new activities before completely suspending trading in August
Bitmart will implement restrictions starting from 01:30 UTC on July 26, 2026. Since then, new users can no longer register accounts, and cryptocurrency and fiat deposit functions have been turned off.
Bitmart will have the right to close futures positions that are still open as of the deadline. The exchange may adopt its current pricing system, index prices, or any settlement rules applicable at the time. Specific details will be announced in subsequent announcements.
Currently, futures traders can only reduce or close positions and cannot open new positions. Spot transactions will no longer accept new orders. Bitmart also shut down documentary trading, grid robots, API trading and other automated tools. Any uncompleted orders must be cancelled by the user, otherwise Bitmart will process them on its behalf.
Final shutdown will not immediately revoke user access rights. Bitmart said: "After operations are stopped, users can still log in to their accounts, view history, and submit withdrawal requests in accordance with the procedures applicable at that time within a specified time."
Bitmart emphasized in its official notice that users must upgrade security features, complete or update authentication, and close all cryptocurrency positions before 01:00 UTC on August 26. The exchange recommends that users not wait until the deadline, but submit withdrawal requests before 5:00 UTC that day.
According to the notice, some requests require more rigorous review before they can be approved. The exchange may verify the account owner, archived KYC documents, login devices and IP addresses, wallet addresses where funds are received, sources of funds, and account transaction history, and may also conduct additional checks based on blockchain risks, sanctions rules, travel rules and other legal requirements.
Bitmart said: "For users who fail to complete the withdrawal within the specified time, the relevant request will be transferred to a special processing process."
Binance founder Zhao Changpeng (CZ) responded: "Difficult times (here again)! But at least this time it was shut down in an orderly manner and users could withdraw assets. Little tip: If you know how to safely keep mnemons, please trust them yourself (Trust Wallet); or choose a large exchange (Binance) that has the ability to continue operations." CZ's message also included recommendations for Trust Wallet and Binance as alternatives.
