BitMart to wind down trading, BMX token drops sharply
Regulation & Gov ·
The exchange said it will halt trading by the end of January, and its native token BMX fell more than 60% following the announcement.
BitMart has said it will begin an orderly wind-down of its trading operations, according to cryptopotato.com. New user registrations, deposits, and the opening of new trading orders have already been halted, with a full shutdown scheduled for the end of January. Withdrawals will remain available during the transition period, and the exchange has urged users to close positions, complete any required KYC checks, and move out their funds.
BMX, the exchange's native token, dropped from $0.32 to $0.09 in the hours after the news, a decline of more than 60%. A separate report from coindesk.com put the token's fall at 58%, framing the closure as coming after nine years of operation. BitMart itself confirmed the wind-down in a post on x.com, describing the decision as the result of a review of the company's operating conditions, the market environment, and its future strategic direction.
The closure adds BitMart to a list of platforms shutting down in the current market cycle. The Arthur Hayes-co-founded derivatives platform BitMEX has said it will cease operations on September 23, after nearly a decade active in the market. The DEX aggregator Odos announced on July 24 that it would halt all services by the end of July, and a competing platform, Dango, made a similar announcement the same day, citing unspecified reasons for winding down its services and its underlying blockchain.
Three sources are tracking the BitMart closure, with reported token declines ranging from 58% to 60% depending on the measurement window. What remains unclear is the precise timeline reconciling the end-of-January shutdown date with the wind-down announcements tied to July dates across the broader cluster of exchange closures, as well as whether BitMart's withdrawal window will be extended if user transfers are not completed in time.