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BitMart says it will wind down exchange as BMX drops about 70%

BitMart says it will wind down exchange as BMX drops about 70%

BitMart halted new registrations, deposits and new orders on July 26, with trading ending August 26 and final closure set for January 31, 2027, as users withdrew funds and former Global CEO Nenter Chow said he was excluded from the decision.

Fact Check
The central claim—BMX plunging over 60% within an hour on July 25, 2026 and touching ~$0.11 before rebounding—is corroborated by multiple independent sources: CoinNess, BlockBeats (both its flash and X post), and Coincu. The specific rebound figure of ~$0.2044 is attested by CoinNess; other outlets cite slightly different rebound levels ($0.14 in BlockBeats, ~$0.19 in the BlockBeats X post), which is consistent with a rapidly recovering, volatile price observed at different timestamps rather than a contradiction. Coincu and the claim both note withdrawal concerns remain unverified and no official BitMart statement exists; the BitMart official news page carried no substantive statement addressing the event, supporting that qualifier. The convergent, independent reporting on the magnitude, timing, and low price makes the claim likely true.
Summary

BitMart said it will gradually shut down its centralized cryptocurrency exchange after reviewing operating conditions, the market environment and its future strategy, adding to signs of consolidation pressure across mid-tier trading venues. New registrations, deposits and new trading orders were suspended from 01:30 UTC on July 26, 2026, futures accounts were moved to reduce-only mode, and copy trading, grid trading and API trading are being phased out. All spot, futures and other trading services are due to stop at 01:00 UTC on August 26, 2026, while platform operations are scheduled to cease formally at 15:59 UTC on January 31, 2027. Former BitMart Global CEO Nenter Chow said he had no role in the decision and learned of it only after the company’s announcement. BitMart’s native token BMX fell as much as 70% after the notice, while on-chain data cited by PANews showed 58 wallets withdrew about $805,000 over 24 hours and that no withdrawal requests were processed in the following eight hours, even as withdrawals remained open subject to compliance checks.

Terms & Concepts
  • on-chain reserves: Assets publicly visible in blockchain wallets linked to an exchange; they can indicate visible balances but may not reflect the platform’s full financial position.
  • reduce-only mode: A trading setting that allows positions to be decreased or closed but not increased.
  • on-chain tracker: A service that monitors blockchain transactions and wallet activity.