Two Major Crypto Exchanges Shut Down Amid Regulatory Pressure

Crypto exchange BitMart announced on July 26 that it will fully wind down its trading platform after nine years. This decision makes it the second major exchange to shut down in the same week, following derivatives platform BitMEX's shutdown announcement four days earlier.

The closure of BitMart sent its native BMX token plummeting by 66% within 24 hours, dropping from above $0.30 to around $0.056 and reducing its market capitalization to approximately $19.7 million.

BitMart stopped accepting new registrations, deposits, and trading orders at 01:30 UTC on July 26, moving futures accounts into 'reduce-only' mode. All spot and derivatives trading will end on August 26, with the exchange set to formally cease operations on January 31, 2027.