Cryptocurrency exchange Bitmart will close its trading platform, beginning an orderly liquidation process on Sunday.
The announcement sent BitMart Token (BMX) tumbling, with the exchange token recording double-digit losses over the past 24 hours. The platform urged users to close positions and withdraw assets without delay.
BitMart sets a 6-month runway before a complete shutdown
BitMart attributed the decision to a review of its operations. Market conditions, and Future strategic direction.
“BitMart has made the difficult decision to begin the orderly divestment of its trading platform operations. We deeply regret having to make this decision,” a team He said.
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The notice sets out a phased timeline. The platform Suspension of new registrations, Deposits and orders on 26 July 2026, at 01:30 UTC.
Futures accounts switched to discount-only mode on July 26. Spot Trading also stopped accepting new orders on that day.
Copy trading, network trading, and API trading services will be discontinued in phases. The Earn, Store, Lend, and Launchpad products will be terminated on their own timelines.
All spot, futures and other trading ends at 01:00 UTC on August 26. Platform operations will then cease completely at 15:59 UTC on January 31, 2027.
The exchange required users to complete identity verification and close positions before the August deadline. It also asked users to submit withdrawal requests by 05:00 UTC on August 26, 2026.
BMX slides as exchange closures pile up
The market reaction was immediate. BMX traded near $0.11016 on Sunday, down 46.08% on the day.
This leaves it approximately 82% below its record high of $0.61905, which was reached on June 5, 2024.
The closure comes a few days after BitMEX informed users about it Operations will end on September 23. Therefore, two specific stadiums will be eliminated in the same week.
Users now have one month to exit positions before trading on BitMart stops.
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this post BMX Token Crashes 46% as BitMart Announces Exchange Ending appeared first on BeInCrypto.
