BitMart Announces Shutdown and BMX Token Plummets Over 55%

BitMart, a centralized crypto exchange, announced on July 26 that it would begin an orderly wind-down of its entire trading platform. The decision was made due to 'operating conditions, market environment, and future strategic direction', according to the exchange's official notice.

The native token BMX plummeted over 55% in 24 hours, dropping to $0.08 to $0.11 intraday, with some reports putting the decline closer to 60%. The token's market capitalization collapsed from near $100 million to somewhere between $30 million and $55 million.

The exchange expects to fully cease operations by January 31, 2027, giving users one month to close positions and move their assets. New registrations, deposits, and new orders were suspended immediately after the announcement.