TLDR
- BitMart announced it will fully cease operations by January 31, 2027
- Only 58 wallets withdrew around $805,000 in 24 hours after the wind-down announcement
- BMX token dropped 81.5% in seven days, trading near $0.057
- Global CEO Nathan Chow said he was not consulted on the decision and was told he was being fired on July 24
- Exchange wallets hold around $69 million in crypto, down from $102 million on July 6
Crypto exchange BitMart is winding down after eight years of operation. The exchange stopped accepting new registrations and deposits on Saturday, with all trading set to end on August 26, 2026. The platform plans to shut down entirely on January 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
Users will keep login access after trading stops to view account records and submit withdrawal requests.
Withdrawals are still technically available, but the exchange warned that requests may face extra checks. These include reviews of identity, login devices, withdrawal addresses, trading history, and source of funds.
Reports of delays started quickly. Blockchain analytics account Lookonchain said only 58 wallets moved about $805,000 in over 24 hours. The platform reportedly processed no withdrawals during one eight-hour window it tracked.
Individual users on X also reported problems. One said they received an email confirming a USDT withdrawal that had not actually been processed. Another reported a $30 test withdrawal sitting pending for over 30 minutes. These claims could not be independently verified.
BitMart did not respond to requests for comment.
BMX Token Collapse
BitMart’s native token BMX was trading near $0.31 on Friday before the shutdown news became public. By Monday it had fallen to around $0.057, a drop of roughly 81.5% in seven days.
Wallets linked to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6.
The shutdown was also unexpected inside the company. Global CEO Nathan Chow said on X that he was told on July 24 his employment was being terminated and his offboarding would begin immediately. He said he had no role in the wind-down decision and only learned about it when the public announcement was made.
Chow told users to rely only on BitMart’s official channels and act on the notice without delay.
A Sudden Reversal
The closure came after what looked like a period of growth. BitMart’s first-half report, published earlier this month, said its asset-management business grew 256% period-over-period. Chow had also outlined plans to expand into prediction markets and tokenized assets.
As recently as June, the exchange announced it had secured an Australian Financial Services Licence and said it served more than 13 million users across 180 countries.
The wind-down announcement gave no explanation for the reversal.
BitMart suffered a $150 million hot-wallet hack in December 2021. The closure comes just three days after BitMEX announced it would permanently shut down on September 23.
Binance co-founder Changpeng Zhao called the BitMart news “tough times (again)” on X. He also noted that acquiring a centralized exchange is complicated because buyers could inherit security vulnerabilities from previous teams.
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