BitMart Announces Global Shutdown Amid BMX Token Crash
BitMart has announced a global shutdown of its trading services, effective August 26. The exchange will cease all spot and futures trading, as well as related activities, at 01:00 UTC that day.
The shutdown comes after several earlier restrictions on products and customer groups. On July 23, users associated with the United States were instructed to close positions and withdraw their assets by August 8.
BitMart's BMX token fell significantly in the days leading up to the announcement, dropping 58.5% over seven days to around $0.1285. The market capitalization of BMX declined to nearly $44 million, about 79% below its June 2024 record of $0.619.
The exchange had previously reported a 256% period-over-period rise in assets under management and added 492 perpetual-futures pairs in its first-half report on July 20. However, the company's recent expansion claims were contradicted by its decision to stop operating.