BitMart has formally announced that it will discontinue its cryptocurrency trading platform in the coming months, following a sharp decline in the value of its native BMX token and an increase in user complaints over delayed withdrawals.

In an official notice released on Sunday, BitMart said it had reviewed its long-term objectives, market conditions, and business operations before deciding to wind down the exchange in an orderly manner. The announcement was published on BitMart’s support site: Important Notice Regarding the Orderly Cessation of BitMart Operations.

BitMart Outlines Closure Timeline

BitMart said all trading services will stop on August 26, while the platform is scheduled to be fully shut down on January 31, 2027.

As part of the shutdown process, the exchange has already stopped accepting new user registrations and deposits. Spot markets are no longer accepting new trading orders, and futures trading has been shifted to reduce-only mode, allowing users only to close or reduce existing positions.

The phased shutdown means users face separate deadlines for trading activity and final asset withdrawals, making the exchange’s withdrawal process and review procedures central to the wind-down.

The company urged customers to withdraw their assets before the final closure date. It also warned that some withdrawal requests may require additional compliance and security reviews, which could lead to longer processing times.

BMX Token Falls Nearly 70%

After the announcement, BitMart’s native token BMX posted a steep decline. The token fell by about 70%, dropping from roughly $0.31 late Friday to around $0.095 over the weekend.

Exchange-issued tokens are often closely associated with the platforms that issue them, so announcements about an exchange’s operations can draw heightened attention to the token’s liquidity, utility, and market depth.

The drop came as multiple users on X reported that withdrawals, including Tether (USDT), were taking much longer than usual, with some requests remaining pending for hours.

BitMart said certain withdrawal requests may be subject to additional review during the closure process, but it did not provide further details on individual cases.

BitMart-Linked Wallet Holdings Decline

Blockchain data from Arkham Intelligence showed that wallets linked to BitMart held approximately $71 million in crypto assets on Sunday, down from about $102 million earlier this month.

A large portion of those holdings consisted of around $41.5 million worth of WeFi (WFI) tokens. The tracked wallets held only about $91,000 in USDT, a detail that drew attention as users discussed pending USDT withdrawals.

The announcement also created confusion on social media, where some users incorrectly associated BitMart’s BMX token with the cryptocurrency derivatives exchange BitMEX and its BMEX token.

After BMX’s steep drop, several posts in the Mandarin-speaking crypto community appeared to confuse the two exchanges. Some users also cited an incorrect shutdown date of September 30, despite the exchange’s previous announcement that the platform would close on September 23.

It remains unclear whether the confusion had any direct effect on BMX’s price movement.

More Crypto Exchanges Announce Closures

BitMart is among several cryptocurrency exchanges that have recently announced plans to end operations. Earlier this week, both BitMEX and Dango announced the discontinuation of their trading services, adding to the list of exchanges exiting the market.