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EsBitMart To Wind Down As Withdrawals Slow; BMX Plunges
Crypto exchange BitMart will stop trading on Aug. 26, halt new registrations and deposits, and wind down operations after withdrawals slowed and its BMX token fell about 81% in a week.
BitMart will wind down its crypto exchange, halt new registrations and deposits, and end trading on Aug. 26. The company plans to cease operations entirely on Jan. 31, 2027.
The platform disclosed on Sunday that it had already stopped taking new sign-ups and deposits and was limiting new spot orders and futures positions. The timetable sets trading services to close in late August while account withdrawals remain available during the wind-down. BitMart’s exit comes only days after BitMEX announced it will shut down on Sept. 23, 2026 after 11 years.
Outflows appeared to slow after the announcement. A blockchain analytics account reported that only 58 wallets withdrew about $805,000 over a 24-hour period through Monday and that no withdrawals were processed during the most recent eight-hour window it tracked. Users on X continued to flag delays. One user shared an email showing a USDT withdrawal marked “completed” while their account displayed an “on-chain withdrawal freeze.” Another reported a $30 test withdrawal that stayed pending for more than 30 minutes. These user reports could not be independently verified.
BitMart has indicated that withdrawals are subject to added compliance and security checks. The exchange outlined reviews of customer identities, login devices, withdrawal addresses, trading histories and sources of funds, and may request proof of identity, address, source of funds or ownership of the receiving wallet.
The exchange’s token weakened sharply. BMX traded near $0.057 on Monday, down about 81.5% over seven days, after changing hands around $0.31 late Friday before the shutdown plan became public, according to CoinGecko data.
Wallets attributed to BitMart by analytics firm Arkham held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6.
The planned closure renewed debate about whether larger exchanges might acquire smaller competitors. Binance co-founder Changpeng Zhao noted on X that buying a centralized exchange can be more complicated than other deals because a buyer could inherit security weaknesses, including potential backdoors left by prior teams. He added that transactions remain possible but require greater scrutiny.
