Bitmart Shuts Down Trading Platform Amid BMX Token Crash

Bitmart has begun a phased shutdown of its trading platform after reviewing its business outlook. The exchange will stop all trading services on August 26, and customers are advised to cancel open orders and close positions before that date.

The decision is significant because Bitmart's closure removes much of the direct platform utility supporting the BMX token, which has plummeted by nearly 63% in a 24-hour window. The token's price dropped from $0.164 on July 26 to around $0.06, with a trading volume of $6.1 million in 24 hours.

Bitmart had already restricted several services before announcing the broader shutdown, including suspending its automated market-making bot and discontinuing spot margin trading. The exchange also asked U.S.-linked users to close positions and withdraw assets by August 8.