BitMart Announces Service Termination After 9 Years... BMX Token Plummets Amid Management Infighting

BitMart, which had established itself as one of the major platforms in the cryptocurrency market for nine years, announced the complete cessation of its operations on July 26, 2026. This decision triggered a massive sell-off of its native token, BMX, and brought serious internal management conflicts to the surface. As of July 27, 2026, users are facing a situation where they must urgently proceed with withdrawal procedures to protect their assets.

After a careful assessment of operating conditions, the market environment, and future strategies, BitMart has decided to orderly terminate its trading platform operations. We will proceed with a phased closure process, prioritizing the safety of our users' assets.

BitMart has been regarded as a mid-sized exchange that provided services to users in over 180 countries worldwide. While no specific single reason was provided in the service termination announcement, the company cited general 'operating conditions' and changes in the 'market environment' as the primary causes. This is interpreted as a result of the complex interplay of recent regulatory pressures and liquidity crunches sweeping across the cryptocurrency industry.

Service Termination Timeline: User Precautions

BitMart plans to follow a phased termination process to protect user assets. As of 1:30 AM (UTC) on July 26, 2026, new user registrations, deposits, and the acceptance of new trading orders have already been suspended. Existing users must hurry to close their current positions and prepare to transfer their assets externally.

• July 26, 2026, 01:30 (UTC): New registrations, deposits, and new orders suspended
• August 26, 2026, 01:00 (UTC): All spot and futures trading services terminated
• January 31, 2027, 15:59 (UTC): Platform operations and customer support completely terminated
• Withdrawal support: Available until the end of January 2027, but early withdrawal is recommended

Users must cancel all open orders and close open positions by August 26, 2026. Although asset withdrawals will remain possible until the end of January 2027 after trading services are terminated, the exchange strongly recommends that users move their assets to personal wallets or other exchanges as soon as possible to avoid unexpected system congestion or technical issues.

The internal management conflict that emerged alongside this shutdown announcement is further fueling market distrust. Nenter Chow, the former Global CEO of BitMart, revealed via social media that he was completely excluded from the decision-making process regarding the service termination, criticizing the board's unilateral management.

Conflict Between the Dismissed CEO and the Board

According to former CEO Chow's claims, he received a sudden notice of dismissal from the board on July 24, 2026, two days before the official announcement. He stated that he learned of the platform's closure through the official announcement just like the general public, suggesting a severe lack of communication between the board and top management. This internal division supports the possibility that the exchange's sudden closure decision was made in a state of urgent crisis rather than as part of a well-thought-out strategy.

This internal turmoil had an immediate impact on the price of BMX, BitMart's native token. Immediately after the announcement, the price of BMX plummeted by approximately 58% within 24 hours, falling to the $0.12 level. As users rushed to sell due to concerns over asset value depreciation, extreme liquidity depletion occurred in the market, further compounding the shock of the exchange's closure.

July 2026, the 'Restructuring' Trend of Centralized Exchanges

BitMart's closure aligns with the recent trend of sequential exits of centralized exchanges (CEX) in the virtual asset industry. Following BitMEX's announcement just a few days ago that it would shut down on September 23, 2026, BitMart's decision to cease operations is being interpreted by the industry as a signal of market reorganization. Experts analyze that an 'exchange shakeout' is in full swing, where small and medium-sized exchanges are losing their footing due to tightened regulations and intensified competition.

Finally, users should be extra cautious of phishing scams that may occur during the service termination period. Do not respond to messages that impersonate the exchange support team to request private keys or passwords, or that induce you to click on specific links by promising to assist with faster withdrawals. All withdrawal procedures must be verified only through BitMart's official website and verified channels.

• Block 'emergency support' messages from non-official channels
• Do not share private keys or account passwords
• Re-verify 2-factor authentication (2FA) settings before withdrawing
• Use bookmarked official URLs to prevent phishing sites