BitMart to End Trading Aug. 26 as BMX Crashes 60%

BitMart halts new orders and deposits

From 01:30 UTC on July 26, the exchange said it would gradually stop accepting new registrations and suspend cryptocurrency and fiat deposits. It also said futures accounts would move to reduce-only mode, spot trading would stop accepting new orders, and copy trading, grid trading and API trading would be phased out.

The timetable goes further than the spot-margin discontinuation notice published a day earlier. That notice had told margin customers to close positions and repay loans before a July 26 forced-liquidation deadline, while the new statement covers the exchange’s broader spot, futures, Earn, staking, lending and Launchpad products.

BitMart said all spot, futures and other trading services will discontinue at 01:00 UTC on Aug. 26. Any futures positions still open then may be settled at an applicable mark price, index price or under the platform’s settlement rules, it said, but detailed arrangements have not yet been published.

That distinction leaves a practical deadline for customers with derivatives exposure. A reduce-only setting permits a trader to cut a position but not add to it, and it can make it harder to manage a strategy that assumed new orders would remain available. Our guide to crypto futures risks explains why forced exits and thin liquidity can amplify losses when a venue changes its trading rules.

BitMart withdrawal deadline is Aug. 26

The company said withdrawal service remains available, but recommended that users complete identity verification, close all positions and submit a withdrawal request before 05:00 UTC on Aug. 26. It also told customers to redeem eligible Earn, staking, lending and other products, cancel orders and keep copies of balances and transaction records.

The notice qualifies that access. BitMart said withdrawals can be reviewed for identity, device, source-of-funds, address-risk, sanctions and Travel Rule checks; high volumes, added documentation or blockchain congestion can extend processing time. A submitted request does not mean it has cleared review or been broadcast onchain, the company said.

That is materially different from a claim that withdrawals have been frozen. BitMart says the service is open, while warning that the processing queue may be constrained by compliance and security controls. Customers should rely on official in-app messages, registered email and the help center, the company said, and should ignore requests for an expedited-processing fee, passwords, private keys or recovery phrases.

The comparison with AscendEX’s manual-review wind-down is useful but limited. AscendEX said it could not assure timing or amounts of customer withdrawals after automated processing stopped, whereas BitMart’s current notice says withdrawals remain available and sets recommended timing, not a declared halt. Whether those experiences diverge will depend on the pace of requests and further platform notices.

BMX selloff exposes exchange-token risk

BMX’s move was much sharper than the broad crypto mood. The Crypto Fear and Greed Index stood at 26, or Fear, when checked, while BMX had fallen nearly 60% in a day. That comparison does not prove the closure announcement caused the entire decline, but it highlights the direct link between an exchange token’s utility and confidence in its home platform.

The market data also shows why prices may vary across venues during a wind-down. CoinGecko listed BMX trading on BitMart, KuCoin and several Uniswap pools, but reported limited order-book depth for some pairs. A token price can remain observable after a platform exit, yet its trading conditions and use cases can change substantially.

BitMart has not said what led to its decision, whether another entity will acquire parts of the business, or what exact settlement method will apply to futures positions that remain open after Aug. 26. The next concrete tests are the publication of those settlement details, withdrawal-processing updates and whether the platform keeps to its stated January 2027 termination date.