BitMart, a cryptocurrency exchange that has operated since 2017, announced on Sunday that it is commencing an orderly wind-down of its trading platform. The decision follows a review of the company’s operating conditions, market environment, and future strategic direction. All trading services will cease on August 26, with full platform operations ending on January 31, 2027.

From 01:30 UTC on July 26, the exchange stopped accepting new user registrations, cryptocurrency and fiat deposits, and new spot orders. Futures accounts moved to reduce-only mode, and services including copy trading, grid trading, and API trading began winding down. Trading across spot, futures, and other products ends at 01:00 UTC on August 26. Limited account access will remain available afterward for users to review records and complete withdrawals.

Withdrawal Process and User Guidance

Withdrawals remain available during the wind-down period. BitMart recommended that users close all positions before 01:00 UTC on August 26 and submit withdrawal requests before 05:00 UTC that day. Requests may undergo additional checks covering identity verification, source of funds, wallet ownership, sanctions screening, and security reviews. Processing times could lengthen amid high demand or network congestion.

Users were also instructed to cancel open orders, redeem Earn, staking, and lending products where eligible, and download account records. Any futures positions remaining open when trading ends may be settled according to the exchange’s mark price, index price, or other applicable rules. Those missing the recommended withdrawal window will enter a separate process to be detailed later.

The announcement followed recent operational changes. BitMart suspended its automated market-making bot service on July 24 and returned principal and earnings to spot accounts. Spot margin trading ended, with forced liquidations scheduled for July 26. On July 23, remaining U.S.-linked users were directed to close positions and withdraw by August 8 as part of a compliance review.

BMX Token Suffers Sharp Decline

BitMart’s platform token, BMX, recorded steep losses in the period surrounding the announcement. Declines of roughly 58 percent to nearly 70 percent over 24 hours were reported across market trackers, with the token trading near levels as low as about 8 to 10 cents at points and market capitalization falling into the tens of millions of dollars. Earlier in the week, the token had already shown significant weakness, and some users reported slower-than-usual withdrawal processing around the same time.

BMX has historically offered trading-fee discounts and other platform benefits. The planned end of trading activity removes much of that utility. Separate data showed wallets attributed to the exchange holding approximately $71 million in crypto assets around the time of the notice, down from higher levels earlier in July.

In the days before the formal announcement, social media reports circulated about delayed withdrawals and a sharp BMX decline, with some users describing processing times of several hours for relatively small amounts. BitMart had not issued a specific public response to those earlier reports at the time.

Context of Broader Platform Closures

The wind-down places BitMart among several crypto trading platforms that have recently signaled exits. BitMEX announced plans days earlier to close its derivatives exchange by September 23 following a strategic review. Other platforms have also set shutdown timelines in the same period, though with differing rationales and schedules.

BitMart entered the market in 2017 and expanded by listing a broad range of smaller tokens. A 2021 Series B funding round valued the company at more than $300 million. Shortly after that round, a 2021 hot-wallet breach resulted in losses estimated between $150 million and $196 million; the exchange stated at the time that it would cover affected customers with its own funds. The current notice did not connect the wind-down to that earlier incident or to any insolvency, regulatory order, or shortfall in customer assets.

In May 2026, BitMart had stated that platform operations were running normally amid online concerns about withdrawals and risk controls, and indicated plans to publish proof of reserves after security preparations. The exchange now cautions users that scammers may attempt to exploit the shutdown period, noting that it will not request passwords, two-factor codes, private keys, or recovery phrases, and will not charge expedited withdrawal fees. Official communications will come only through its website, app, registered emails, and support channels.

BitMart reported substantial trading activity in the period near the announcement, with one figure citing about $1.6 billion in 24-hour volume. The company has not provided further financial details explaining the decision beyond the general reference to operating conditions, market environment, and strategic direction.