Crypto exchange BitMart will close its trading platform after nine years of operation. The company will stop all trading on August 26, 2026, before ending platform operations on January 31, 2027.
BitMart announced the wind-down on Sunday after reviewing its business conditions, market environment, and plans. It did not name a specific financial, legal, or security issue behind the decision.
The exchange stopped new registrations, deposits, and new trading orders at 01:30 UTC on July 26. Futures accounts also moved into reduce-only mode, which allows users to close positions but blocks new ones.
BitMart said that all spot, futures, and other trading services will end at 01:00 UTC on August 26. Open futures positions may be settled by the platform if users do not close them before the deadline.
The company also advised users to complete identity checks, cancel open orders, and submit withdrawal requests before 05:00 UTC on August 26. Accounts will remain accessible after trading ends, but later withdrawals may follow a separate review process.
“After a careful evaluation of the Company’s operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down,” the exchange said.
BitMart added that Earn, staking, lending, Launchpad, copy trading, grid trading, and automated services will close in stages. Separate notices will explain redemption dates for affected products.
BitMart’s BMX token fell about 58% after the closure notice. The token traded near $0.08, while its market value dropped to roughly $27 million.
Other market data showed BMX falling from about $0.31 late Friday to below $0.10 by Sunday. The token had already lost around 70% over the previous year before the latest decline.
Meanwhile, several users reported slower withdrawals, including pending Tether requests. BitMart said some requests may require extra checks before funds move on-chain.
Those checks may cover identity records, login devices, IP addresses, withdrawal destinations, source-of-funds reviews, sanctions screening, and Travel Rule requirements. The exchange warned that processing times could increase if withdrawal volumes rise.
Blockchain data from Arkham showed wallets linked to BitMart holding about $71 million on Sunday. That figure was down from roughly $102 million on July 6. Most tracked assets included WFI tokens, while the wallets held about $91,000 in USDT.
BitMart became the second crypto exchange to announce a shutdown within one week. BitMEX said on July 23 that it would close its trading platform in September after 11 years.
The two companies used similar language and described their decisions as strategic reviews. Both stopped new registrations and introduced reduce-only trading before their final closure dates.
Some social media users also confused BitMart’s BMX token with BitMEX and its BMEX token. BMEX fell sharply after BitMEX announced the shutdown.
BitMart still reported about $1.6 billion in 24-hour trading volume after the notice. Bitcoin accounted for nearly half of that activity. The crypto exchange did not explain whether the higher volume came from users closing positions or moving funds.
The platform suffered a $196 million hot-wallet breach in December 2021. BitMart covered customer losses at the time. The company has not linked the earlier attack to its closure.