BMX

BitMart

2026-08-24 09:47:55

BitMart weighs restructuring plan with partial business restart and creditor payouts weeks after shutdown notice

Crypto exchange BitMart is considering a restructuring plan less than a month after announcing it would shut down its platform, according to a company notice cited by Blockcast. The proposal under review could combine an orderly restart of some operations with asset distributions to creditors, marking a sharp shift from the exchange’s earlier wind-down plan. BitMart said it has hired international law firm White & Case as restructuring adviser and expects to publish a detailed roadmap on Sept. 9. The exchange has not yet said which parts of the business could resume, how creditors would be paid, or what funding structure would support the plan. The move follows BitMart’s July 26 shutdown notice, in which the company cited operating conditions, the market environment, and future strategy, but did not disclose a specific reason for closing. At the time, BitMart had already stopped new user registrations, deposits, and order placement, while futures accounts were shifted to reduce-only mode. Under its original plan, all trading was set to stop on Aug. 26, with full platform operations ending on Jan. 31, 2027. Users were still allowed to withdraw funds before that date, subject to additional compliance checks. After the initial shutdown announcement, BitMart’s platform token BMX fell as much as 58% in a single day and was down 83% for the year.

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BitMart

2026-08-24 09:13:51

BitMart Tells Users It Is Exploring a Restructuring Plan and Creditor Payouts

BitMart said it is working on a potential restructuring plan that could include a phased restart of some operations and distributions to creditors, just days before its final trading deadline. The Cayman Islands-based exchange said it has hired White & Case as restructuring counsel and will publish a roadmap by Sept. 9 at the latest. The company had already said on July 26 that it would cease operations after nine years, halt new registrations, deposits and new trading orders, and move futures accounts into reduce-only mode. BitMart said trading would end on Aug. 26 and the platform would terminate on Jan. 31, 2027. Since the July notice, users have reported blocked withdrawals. On Aug. 17, an open letter posted from BitMart’s Chinese-language X account asked founder Sheldon Xia and purported partner Nancy Li to open the company’s wallets, assets, liabilities and usable reserves for independent verification by Aug. 19. Lee said the account had been hacked and called the claims fabricated rumors, adding that he would file a police report. BMX is down more than 86% this year.

1120

BitMart

2026-08-21 15:57:34

BitMart says it may restart part of its business after planning a permanent shutdown

Techub News said BitMart, the cryptocurrency exchange that had announced a permanent shutdown weeks earlier, said on Aug. 21 that it may restart part of its business. The exchange is now working on a restructuring plan rather than a full wind-down, and it has hired White & Case as restructuring adviser. Any phased restart would take place alongside asset distributions to creditors. BitMart had previously said on July 26 that it would stop all trading on Aug. 26 and fully close on Jan. 31, 2027. Its BMX token fell as much as 46% after the shutdown plan was disclosed. BitMart said the decision was based on operating conditions and strategic considerations, while users reported withdrawal issues and founder Sheldon Xia denied the allegations. BeInCrypto said analysts had viewed exchange closures as a healthy market cleanup, but BitMart’s latest move challenged that view.

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BitMart

2026-08-10 14:32:30

BitMart founder denies exit scam as withdrawal complaints mount after wind-down

BitMart is facing mounting complaints from customers who say withdrawal requests remain pending weeks after the exchange’s July 26 “orderly wind-down” announcement. The company had said withdrawals would remain available, but users on social media claim they still cannot access funds, with one customer alleging that $10.1 million remains stuck on the platform and another saying only $5 was released from a roughly $24,000 request. Complaints have also come from crypto projects including Gen6, Paxi Network, and Scandic Coin, each describing delayed or refused withdrawals after July 26. On Saturday, founder Sheldon Xia responded after two weeks of silence, denying that BitMart had disappeared or misappropriated user assets. He said the team is still tallying and consolidating holdings and raised the possibility of using courts and independent third-party auditors to produce a transparent report. His statement, however, included no figures, no timetable, and no proof of reserves. Blockchain tracking data cited in the report adds to scrutiny. Arkham Intelligence data attributed to BitMart showed holdings falling from about $102 million on July 6 to $69 million by July 27, while BMX dropped 81% in a week. DefiLlama’s estimate was far lower, at about $2.6 million in assets.

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BitMart

2026-07-27 09:57:20

BitMart to wind down trading platform after nine years as BMX plunges

Crypto exchange BitMart said Sunday it will shut down its trading platform after nine years, making it the second major exchange in a week to announce a closure. The company stopped new registrations, deposits, and orders at 01:30 UTC on Sunday. Spot and derivatives trading will end on August 26, while the platform itself is scheduled to formally shut on January 31, 2027. BitMart said withdrawals remain available, though processing may slow as users rush to leave and the exchange applies identity, device, sanctions, and source-of-funds checks. The company cited its operating conditions, the market environment, and future strategic direction, but did not specify which factor drove the decision. CoinGecko data shows BitMart’s BMX token has fallen 81% over the past week to $0.057, leaving it with a market capitalization of $19.6 million. The shutdown comes days after BitMEX said it would close after 11 years, a sequence that Echo Base CEO Roshan Dharia described to Decrypt as part of a broader consolidation phase across digital assets.

1550

BitMart

2026-07-27 03:37:05

BitMart sets Jan. 31, 2027 shutdown date as BMX plunges after closure notice

BitMart said it will wind down its trading platform and formally cease operations on Jan. 31, 2027, laying out a staged shutdown that begins with restrictions on registrations, deposits, spot orders and automated trading services from July 26. From Aug. 26, the exchange plans to halt all spot, derivatives and other trading services, while products including wealth management, staking, lending and Launchpad offerings will be terminated in phases. The announcement hit the exchange’s native token BMX, which fell from around $0.3 to $0.064, leaving its market capitalization at $20.57 million. The exchange said withdrawals remain available, though some requests may face manual review tied to KYC, device and account security, source of funds, withdrawal addresses, Travel Rule requirements and sanctions screening. Arkham data cited in the report showed 58 wallets completed withdrawals totaling about $805,000 over the past 24 hours, while no withdrawal requests had been processed in the preceding eight hours. The report also highlighted internal uncertainty. Former Global CEO Nenter Chow said he was told on July 24 that his role would be terminated and that he did not participate in, or know in advance about, the shutdown decision announced on July 26. Binance founder Changpeng Zhao described the moment as a “tough time” and said acquiring a centralized exchange is possible, but far more complicated because of risks such as legacy backdoors and accountability if a hack happens after an acquisition.

560

BitMart

2026-07-26 09:25:00

BitMart starts wind-down as Senate Clarity draft adds white-hat bounty language

BitMart said it will shut down in stages, starting July 26 with a halt to new user registration and all crypto and fiat deposits, then ending spot, futures and other trading services on Aug. 26, before fully stopping trading platform operations on Jan. 31, 2027. The exchange’s global CEO, Nenter Chow, said he had no prior knowledge of the decision and was told on July 24 that his role would be terminated. Elsewhere in the day’s roundup, the latest draft of the U.S. Senate’s Clarity bill added a provision to reward white-hat hackers who identify and responsibly disclose cybersecurity flaws, reflecting input from former CFTC Chair J. Christopher Giancarlo. RootData said 99 crypto projects have been classified as “dead” in 2026. Other items included Bruce J, founder of MSX, saying he is interested in acquiring BitMart; Lido reporting a lower-than-expected daily APR after an oracle failed to include a 32 ETH validator deposit; DeepSeek reportedly pausing its second fundraising round; and on-chain data showing a whale accumulated 1.58 million LINK over the past week.

2220

BitMart

2026-07-26 08:07:38

BitMart token BMX drops more than 53% in 24 hours after exchange outlines shutdown plan

BitMart’s exchange token BMX fell more than 53% over the past 24 hours, according to Coingecko, with the token trading at $0.0805 and its market capitalization dropping to $27.2 million. The move came after BitMart said it would wind down trading operations in stages. Starting at 09:30 on July 26, the platform began gradually stopping new user registrations as well as crypto and fiat deposits. Futures accounts were shifted to reduce-only mode, while spot trading stopped accepting new orders. BitMart also said that from 09:00 on Aug. 26 it will halt all spot, futures and other trading services, with full exchange operations scheduled to end at 23:59 on Jan. 31, 2027. BlockBeats had previously reported that before the shutdown notice was released, BMX had already come under selling pressure around 19:35 on July 24, falling more than 60% within an hour and briefly dropping to around $0.11. The token later rebounded to $0.142 at one point, narrowing its 24-hour decline to 53%, while its market cap stood at about $48 million at that time.

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