BitMart Announces Phased Shutdown as BMX Token Crashes

Trading operations will vanish in stages. As of July 26, BitMart halted new registrations, fiat deposits, and spot orders, forcing futures accounts into a restrictive, reduce-only mode. All trading services, including spot and futures, are scheduled for permanent termination on August 26 at 01:00 UTC. While the exchange plans to keep the platform accessible for withdrawals until January 31, 2027, the urgency has already triggered a mass sell-off of the BMX token, which plummeted from over $100 million in market capitalization to roughly $55 million in a single day.

Management has stopped short of citing insolvency or specific regulatory pressure, attributing the decision to a general evaluation of its operating environment. The wind-down follows a series of recent service restrictions, including the suspension of automated market-making bots and the forced liquidation of spot margin positions. Users are now facing a complex withdrawal process that may involve identity and source-of-funds verification, with the exchange warning customers to avoid potential phishing scams that often accompany major platform closures. BitMart emphasized that it will never request private keys or recovery phrases during this transition period.