BitMart, a cryptocurrency exchange that has operated for nine years, has announced that it will shut down its trading platform. The company will cease all trading on August 26, 2026, and fully close operations on January 31, 2027. The decision follows a review of its business conditions, market environment, and future strategic direction, though no specific financial, legal, or security issue was cited.
According to the announcement, new registrations, deposits, and trading orders were halted at 01:30 UTC on July 26. Futures accounts were switched to reduce-only mode, allowing users to close existing positions but not open new ones. BitMart advised users to complete identity verification, cancel open orders, and submit withdrawal requests before 05:00 UTC on August 26. After trading ends, accounts will remain accessible, but withdrawals may undergo additional review.
The exchange also stated that services such as Earn, staking, lending, Launchpad, copy trading, grid trading, and automated features will be phased out gradually, with separate notices detailing redemption dates.
BMX Token Drops 58% Amid Withdrawal Delays
Following the closure announcement, BitMart’s native BMX token plummeted by approximately 58%, trading near $0.08 with a market capitalization of around $27 million. The token had already lost about 70% of its value over the past year before this latest decline. Users reported slower withdrawal processing, including pending Tether requests, which BitMart attributed to additional checks such as identity verification, device and IP address review, source-of-funds analysis, sanctions screening, and Travel Rule compliance.
Blockchain data from Arkham indicated that wallets linked to BitMart held approximately $71 million on Sunday, down from roughly $102 million on July 6. Most assets tracked were WFI tokens, with only about $91,000 in USDT.
Second Exchange Closure in a Week
BitMart is the second crypto exchange to announce a shutdown within a week. On July 23, BitMEX revealed it would close its trading platform in September after 11 years. Both companies used similar language, describing their decisions as strategic reviews. The announcements also caused confusion among social media users, who mistakenly associated BitMart’s BMX token with BitMEX’s BMEX token, leading to a sharp decline in BMEX as well.
Despite the closure, BitMart reported approximately $1.6 billion in 24-hour trading volume after the notice, with Bitcoin accounting for nearly half of that activity. The exchange did not clarify whether the volume spike was due to users closing positions or moving funds.
BitMart previously suffered a $196 million hot-wallet breach in December 2021, though it covered customer losses at that time. The company has not linked the earlier attack to its current decision to wind down.