Crypto exchange BitMart said it will wind down its trading platform after nine years of operation, with all trading scheduled to end on Aug. 26 and the platform set to fully shut down on Jan. 31, 2027.

BitMart announced the decision on July 26, citing a review of its business and market outlook. In its notice, the company said it had made the decision after assessing its “operating conditions, market environment, and future strategic direction,” but did not provide further details on the factors behind the closure.

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 into reduce-only mode, meaning users could reduce or close existing exposure but not increase it, while spot markets stopped accepting new orders.

BitMart’s native token, BMX, fell nearly 70% after the announcement. The token declined from about $0.31 late Friday to approximately $0.09 on Sunday. Before the latest decline, BMX had already lost around 70% of its value over the previous year. Its market capitalization was roughly $27 million after the move.

Users Report Withdrawal Delays

Some BitMart users on X reported delays in processing withdrawals after the shutdown announcement. Several users said USDT withdrawal requests had been pending for hours without completion.

BitMart said in its announcement that certain withdrawal requests may be subject to additional compliance and security reviews. The exchange said those reviews could include identity checks, device and IP verification, withdrawal address screening, source-of-funds questions, and sanctions checks. Such checks can be part of exchange withdrawal controls during account reviews, but they also add operational steps for users trying to move assets before a deadline.

Blockchain data from Arkham showed wallets linked to BitMart held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6. Around $41.5 million of the assets in those tracked wallets were held in WeFi’s WFI tokens. The same wallets held about $91,000 in USDT.

Exchange Closures Extend Across the Sector

BitMart’s announcement came during a week in which other crypto exchanges also disclosed plans to close. BitMEX said earlier in the week that it would shut down after 11 years of operation, while Dango also announced its closure during the same period.

BitMEX’s token, BMEX, fell 90% shortly after that exchange issued its own closure notice. Some users on X confused BMX with BMEX because of the similar token names and the timing of the announcements.

Despite the shutdown plan, 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. CoinCentral reported that the increase likely reflected users closing positions and moving funds out.

BitMart has given users one month to close trades and six months to withdraw funds. The staggered timeline makes the August trading deadline the nearer operational cutoff, while the January 2027 shutdown date leaves a longer window for account verification and withdrawal processing. The exchange also urged users to complete identity checks, close open positions, and submit withdrawal requests before the August trading deadline.

The exchange previously suffered a major security breach in December 2021, losing around $196 million in a hot-wallet hack. BitMart covered customer losses at the time.