BitMart has started winding down its global trading platform and set August 26 as the deadline for all spot, futures and other trading services to end.

Founded in 2017 and headquartered in the Cayman Islands, BitMart at points ranked among the world's top-20 cryptocurrency exchanges by trading volume, making its exit one of the more significant platform closures of the current cycle. The exchange previously suffered a major security breach in December 2021, when attackers stole roughly $196 million in cryptocurrency assets.

According to BitMart's shutdown notice, the exchange stopped accepting new user registrations and deposits at 01:30 UTC on July 26. Futures accounts are being shifted into reduce-only mode, while spot trading will no longer accept new orders. Copy trading, grid trading, API trading and other automated trading services are also being discontinued.

BitMart said the decision followed an assessment of its operating conditions, the broader market environment and its future strategy. The exchange did not cite a specific incident, regulatory action or financial shortfall as the reason for the closure.

All remaining trading services are scheduled to stop at 01:00 UTC on August 26. Futures positions that remain open at the cutoff may be settled under the applicable mark price, index price or the platform's settlement rules.

Users Asked to Withdraw Before August 26

Withdrawals remain available, but BitMart urged customers to close positions and complete identity verification before the trading cutoff. The exchange asked users to submit withdrawal requests by 05:00 UTC on August 26.

BitMart warned that withdrawal requests may be subject to additional reviews covering identity records, login devices, transaction history, source of funds, sanctions screening and ownership of destination wallets. It also said heavy demand, blockchain congestion or requests for further documentation could lengthen processing times.

BitMart Earn, staking, lending and Launchpad products will be closed in phases. The exchange said separate redemption and settlement instructions will be sent to affected customers. Users were also told to download their account balances and full histories for deposits, withdrawals and trading.

Withdrawal requests filed after the recommended deadline will move into a separate processing procedure. BitMart said it plans to keep account access available for a limited period after the platform formally ceases operations at 15:59 UTC on January 31, 2027.

BMX Drops After Shutdown Notice

BitMart's BMX token declined 42.5% over 24 hours to about $0.1168 after the shutdown notice, while its seven-day decline reached 62.5%. The token traded between $0.1168 and $0.2045 during the latest 24-hour period.

The closure comes after BitMEX decided to end derivatives trading on September 23. BitMEX will also restrict new positions from August 26 before closing the platform founded by Arthur Hayes, Ben Delo and Samuel Reed.

Luno separately set a September 1 deadline for closing European Union accounts, while Pingu Exchange moved its perpetual trading platform toward final settlement on July 31. The cluster of closures across centralized exchanges reflects a broader contraction in the sector, where platforms face intensifying compliance demands, thinner trading volumes and growing competition from decentralized alternatives.

BitMart's spot, futures and other trading services are scheduled to end at 01:00 UTC on August 26.