BitMart Announces Shutdown Amid BMX Token Crash and Withdrawal Fears
BitMart has announced it will begin an orderly wind-down of its operations after reviewing its conditions, market environment, and future direction. The exchange said it would start shutting down on July 26, with new registrations and deposits halted at 01:30 UTC the same day. Trading services are scheduled to stop entirely by August 26.
The notice advises users to complete identity verification, close trading positions before 01:00 UTC on August 26, and submit withdrawal requests before 05:00 UTC that same day. BitMart's own Spot Margin product was marked for forced liquidation at 02:00 UTC on July 26, requiring margin users to repay loans and cancel open margin orders.
The shutdown is the latest in a string of exchange closures, with BitMEX announcing it would close its doors on September 23. The middle of the crypto market appears to be thinning, with top-ten spot centralized exchange volume falling 27.9% from $2.70 trillion in Q1 to $1.95 trillion in Q2.
Users are warned not to pay any expedited processing fees or security deposits through unofficial channels, as scams often follow shutdowns when users make hasty decisions. It is recommended that users prioritize liquid assets and withdraw their funds from BitMart before the final shutdown date.