Written by Yohan Yunstaff editorReviewed by Robert Lakinstaff editor

Written by Yohan Yunstaff editor

Reviewed by Robert Lakinstaff editor

BitMart to wind down exchange, end trading by Aug. 26

Latest NewsPublishedJul 26, 2026

Why Crypto Exchange Closures Matter to Everyday People

The recent announcement of BitMart’s closure is a significant event in the crypto space, but what does it mean for everyday people interested in earning online? As the crypto market continues to evolve, it’s essential to understand the impact of exchange closures on the overall ecosystem. With the rise of Passive Income opportunities through Cloud Rewards and Green Crypto initiatives, it’s crucial to find reliable platforms like EcoPool that offer secure and sustainable ways to earn.

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Related: As BitMEX exits, analysts warn crypto consolidation is accelerating

BMX sinks amid withdrawal complaints

BitMart’s native token, BMX, lost nearly 70% of its value while users reported delayed withdrawals from the exchange.

BMX traded at about $0.09464 at the time of writing, down nearly 70% from about $0.31 late Friday. The token fell as low as $0.1058 early Saturday before extending its losses.

BMX resumes losses after Saturday’s brief recovery, falling below $0.10. Source: CoinGecko

Several users on X reported that withdrawals were taking longer than usual, with some claiming that Tether USDt (USDT) withdrawal requests remained pending for hours.

Arkham data showed wallets attributed to BitMart held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6. About $41.5 million was in stablecoin banking platform WeFi’s WFI tokens, while the tracked wallets held about $91,000 in USDT.

BitMart’s USDT balance over the past month. Source: Arkham

In its wind-down announcement, BitMart said some withdrawal requests could be subject to additional compliance and security reviews, potentially extending processing times.

BitMart did not respond to Cointelegraph’s request for comment before publication.

Related: BitMEX hit with 623 BTC lawsuit on day it announces shutdown

BMX? BMEX? BitMEX?

Some users on X also appeared to confuse BitMart and its BMX token with BitMEX.

On Saturday, an X user in the Mandarin-speaking crypto community who goes by “Brother Lu” drew attention to BMX’s price drop while speculating about its cause.

“The whole internet was posting yesterday that it was shutting down on Sept. 30. Did you just wake up?” another X user replied, according to a machine translation.

The reference to Sept. 30 did not match BitMEX’s Sept. 23 shutdown date announced Thursday. BitMEX’s own token, BMEX, fell 90% shortly after the notice.

Several other users in the Mandarin-speaking community also mixed up BMX with BitMEX.

It was not immediately clear whether the confusion had any impact on BMX trading.

Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Cryptocurrency Exchange
• Cryptocurrencies
• Business
• BitMEX
• Industry

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