BitMart Halts Operations on July 26; Native Token BMX Plunges 82% in One Week

According to its official announcement on July 26, cryptocurrency exchange BitMart declared the cessation of operations after nine years. The announcement cited deteriorating profitability and mounting regulatory pressures as reasons for the shutdown. All trading services will cease on August 26, with the platform formally closing by January 31, 2027.

BitMart's native token BMX collapsed 82% in one week following the announcement, plummeting from $0.31 on July 25 to $0.05633, with market capitalization falling over 65% to $18.26 million, according to CoinMarketCap. On-chain data from Arkham Intelligence showed the exchange's related wallets held approximately $102 million in assets on July 6, declining to $71 million by July 26. The closure follows similar moves by BitMEX and Dango, reflecting challenges for smaller exchanges amid regulatory tightening and liquidity concentration among major platforms.