Cryptocurrency exchange BitMart said Sunday that it will begin an orderly wind-down of its trading platform after nine years in operation, with all trading scheduled to stop on Aug. 26 and the platform set to fully cease operations on Jan. 31, 2027.

The company said the decision followed a review of its "operating conditions, market environment, and future strategic direction," but did not provide a specific reason for the closure. CoinDesk said it has contacted BitMart for additional comment.

BitMart stopped accepting new registrations, deposits and new trading orders from 01:30 UTC on Sunday, according to the exchange. Futures accounts have been moved to reduce-only mode, which typically allows users to decrease or close existing exposure but not add to positions. Spot and derivatives trading will end on Aug. 26, while withdrawals are expected to remain open until the platform formally shuts down on Jan. 31, 2027.

BitMart urged users to complete identity verification, close open positions and submit withdrawal requests before the August cutoff. The exchange also warned that withdrawals may be subject to additional reviews, including identity verification, device and IP checks, withdrawal-address screening, source-of-funds questions and sanctions checks. Processing times could be extended if withdrawal request volumes increase, BitMart said. The withdrawal window is central to the wind-down because, after trading stops, users' practical focus shifts from market access to recovering assets and satisfying any account-review requirements.

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 X post is available at https://x.com/BitMartExchange/status/2081197305491845201.

The announcement sent BMX, BitMart's platform token, sharply lower. BMX fell to about 8 cents, down 58% over 24 hours, reducing its market value to roughly $27 million. The token had already declined by about 70% over the past year, meaning Sunday's drop extended a longer-running decline. Platform tokens are often linked to an exchange's ecosystem, including trading-related utility or incentives, so a shutdown notice can directly affect the context in which holders evaluate the token's remaining use.

BitMart's shutdown notice came despite recent reported trading activity on the platform. The exchange recently reported about $1.6 billion in 24-hour trading volume, up 51% from the prior period, with bitcoin accounting for nearly half of that total. CoinDesk reported that the increase more likely reflected users unwinding positions and moving funds out than fresh demand, while leaving unanswered why a platform handling that level of flow is closing.

The move makes BitMart the second crypto exchange in the same week to announce a closure. Perpetuals trading venue BitMEX said Thursday that it would shut down after 11 years, as CoinDesk reported at https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23. Together, the notices put additional attention on how centralized crypto venues manage client exits, open derivatives positions and compliance reviews when operations are being wound down.

BitMart previously suffered a hot-wallet breach in December 2021 that resulted in losses of about $196 million, one of the larger exchange hacks of that cycle. The company covered customer losses at the time.

Original source: https://www.coindesk.com/markets/2026/07/26/crypto-exchange-bitmart-to-shut-down-after-nine-years-bmx-token-crashes-58