Crypto Exchange Shuts Down Following BitMEX

Crypto Exchange BitMart to Cease Operations

The cryptocurrency market is witnessing a wave of closures, with BitMart announcing it will wind down its trading operations. This move follows a trend of exchanges shutting down amidst a particularly harsh bear market, a stark contrast to previous downturns where staff reductions were more common.

BitMart, which launched during the 2017 bull market and expanded to support over 1,700 cryptocurrencies, stated it has begun an “orderly” cessation of its trading activities. New user registrations, deposits, and the opening of new trading orders have already been suspended. All trading services are slated to end a month from the announcement, with the platform officially shutting down at 15:59 UTC at the end of January. Withdrawals, however, will remain accessible.

The exchange has urged its users to close their trading positions, complete any necessary Know Your Customer (KYC) procedures, and transfer their funds out of the platform promptly.

A tweet from BitMart’s official account on July 26, 2026, confirmed the decision, citing a “careful evaluation of the Company’s operating conditions, market environment, and future strategic direction.”

Token Plummets Amidst Shutdown News

The native token of BitMart, BMX, experienced a significant price drop following the announcement, plummeting by over 60% within a 24-hour period. Prior to the news, BMX was trading at $0.32, but it fell to $0.09 by press time. The token remains 90% below its all-time high of $0.619, recorded in early 2024, according to CoinGecko data.

Broader Industry Contraction

BitMart is not the only platform to announce its closure recently. Just days prior, the cryptocurrency derivatives platform BitMEX, co-founded by Arthur Hayes, revealed it would cease operations on September 23. Despite its nearly decade-long presence in the market, BitMEX has seen a decline in user activity in recent years.

The trend extends to decentralized exchanges (DEXs) as well. Odos, a popular DEX aggregator, announced on July 24 that it would halt all services by the end of July. Similarly, Dango, a competitor, made a similar announcement on the same day. The self-described ‘Endgame Exchange’ cited “various reasons” for its decision without providing specific details. Dango will stop trading on July 29, and its associated L1 blockchain will cease operations on August 13.