BitMart has announced it will close its cryptocurrency exchange after nine years of operation, becoming the second major platform to shut down within a week. The exchange will end spot and derivatives trading on August 26, with the platform formally closing on January 31, 2027.
The company halted new registrations, deposits, and orders at 01:30 UTC on Sunday. Meanwhile, its native BMX token has fallen 81% over the past week to $0.057, reducing its market value to approximately $19.6 million, according to CoinGecko data.
Withdrawals Remain Open Under Stricter Checks
Withdrawals remain available, but BitMart warned that identity, device, sanctions, and source-of-funds reviews could slow processing. The exchange promised a responsible, orderly, and transparent wind-down. Users should use official channels, verify wallet networks and addresses, and reject any requests for passwords, two-factor codes, private keys, or recovery phrases.
Staged Shutdown Timeline
BitMart linked the closure to operating conditions, the market environment, and its future strategic direction, but did not identify a single event forcing the decision. The company did not report insolvency, nor did it connect the shutdown to a regulatory order, security incident, or shortage of customer assets.
Several service changes preceded the announcement: BitMart suspended its automated market-making bot on July 24, ended spot margin trading with forced liquidation on July 26, and told remaining US-linked users to close positions and withdraw by August 8 as part of a compliance review.
BMX Token Decline and Industry Context
BitMart entered the market in 2017 and built its business around a broad selection of smaller tokens. A 2021 funding round valued the company above $300 million. Days after that round, attackers compromised two hot wallets, with losses estimated near $150 million by BitMart and up to $196 million by outside sources. The exchange later used its own funds to cover customer losses, and its shutdown notice does not connect the wind-down to that breach.
BitMart’s announcement follows other planned exits. BitMEX said it will close its derivatives exchange on September 23 after 11 years and a strategic review, while Odos plans to shut its decentralized exchange aggregator on July 30.
In May 2026, BitMart said its operations remained normal while addressing concerns about withdrawals and risk controls, and it planned to publish proof of reserves after completing security preparations.
Key Takeaways for Users
- Trading ends August 26, 2026; platform fully closes January 31, 2027
- BMX token down 81% in one week
- Withdrawals remain open but may be delayed by compliance checks
- Use only official website, mobile app, registered emails, and support system
- Scammers may exploit the closure; never share credentials or pay for faster withdrawals
Leave a Reply