TLDR
- BitMart is closing its trading platform, ending all trading on Aug. 26 and fully shutting down on Jan. 31, 2027.
- The exchange’s native token BMX fell nearly 70% following the announcement.
- Users reported delayed withdrawals, with some USDT requests pending for hours.
- BitMart joins BitMEX and Dango as crypto exchanges announcing closures this week.
- The exchange held around $71 million in crypto assets, down from $102 million earlier in July.
Crypto exchange BitMart has announced it will shut down after nine years in operation. All trading will stop on Aug. 26, with the platform fully closing on Jan. 31, 2027.
Important Notice
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 of its trading platform operations. We deeply regret having to make… pic.twitter.com/KX3zczIrAh
— BitMart (@BitMartExchange) July 26, 2026
The exchange stopped accepting new registrations, deposits, and trading orders from 01:30 UTC on Sunday. Futures accounts were moved to reduce-only mode. Spot markets no longer accept new orders.
BitMart cited its “operating conditions, market environment, and future strategic direction” as reasons for the decision. The company gave no further detail on what specifically led to the closure.
BitMart’s native token BMX dropped nearly 70% following the news. The token fell from around $0.31 late Friday to approximately $0.09 on Sunday. BMX had already lost around 70% of its value over the past year before this latest drop.
The token’s market cap now sits at roughly $27 million.
Withdrawal Delays Frustrate Users
Users on X reported that withdrawals were taking longer than expected. Some said USDT withdrawal requests had been pending for hours without processing.
BitMart warned in its announcement that some withdrawal requests may face additional compliance and security reviews. These reviews could cover identity checks, device and IP verification, withdrawal address screening, source-of-funds questions, and sanctions checks.
Blockchain data from Arkham showed wallets linked to BitMart held about $71 million in crypto assets on Sunday. That figure was down from roughly $102 million on July 6.
Around $41.5 million of those assets were in WeFi’s WFI tokens. The tracked wallets held only about $91,000 in USDT.
Part of a Broader Wave of Exchange Closures
BitMart is not alone in shutting down. BitMEX announced earlier in the week that it would close after 11 years. Dango also announced its shutdown in the same week.
BitMEX’s token BMEX fell 90% shortly after its own closure notice. Some users on X confused BMX with BMEX given the similar names and timing of the announcements.
Despite closing, BitMart reported about $1.6 billion in 24-hour trading volume, up 51% from the previous period. Bitcoin accounted for nearly half of that volume. The spike likely reflects users closing positions and moving funds out.
BitMart has given users one month to close trades and six months to withdraw funds.
The exchange previously suffered a major security breach in December 2021, losing around $196 million from a hot-wallet hack. BitMart covered customer losses at the time.
Users have been urged to complete identity checks, close open positions, and submit withdrawal requests before the August deadline.
Be the first to comment