BitMart said it will shut down its global crypto exchange after nine years of operation, with full platform operations scheduled to end on January 31, 2027, at 15:59 UTC. The announcement sent BMX down about 60% on Sunday, according to data from CoinGecko.

In an official notice, BitMart said: “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 this decision.”

The company said parts of its system will remain available while users close positions, redeem products, retain account records, and withdraw funds. BitMart’s notice outlined a staged shutdown process, beginning with immediate restrictions on new activity and continuing through the final cessation of platform operations in early 2027. For users, the key issue is not only the final shutdown date but the earlier deadlines that determine when trading, position management, identity checks, and withdrawals must be completed.

The decision follows Cryptopolitan’s report on Thursday that another exchange, BitMEX, had ended operations after 11 years, meaning two major crypto trading platforms announced shutdowns within four days.

BitMart restricts new activity before ending trading in August

BitMart began implementing restrictions on July 26, 2026, at 01:30 UTC. From that time, new users were no longer able to register accounts, and the exchange began disabling cryptocurrency and fiat deposits.

The exchange said any futures position still open when the relevant deadline arrives may be closed by BitMart. The company said it may use its current pricing mechanism, index price, or the settlement rules in effect at that time, with full details to be provided in a separate announcement.

Futures users can now only reduce or close existing positions and cannot open new ones. Spot trading is also no longer accepting new orders. BitMart is additionally shutting down copy trading, grid bots, API trading, and other automated trading tools. Users with open orders must cancel them, or BitMart will cancel them on their behalf.

The final shutdown will not immediately remove all account access. “After operations have ceased, users will still be able to log in for a specified period to access their accounts, review historical records, and submit withdrawal requests in accordance with the applicable procedures in effect at that time,” BitMart said.

In its official notice, BitMart said users must upgrade their security settings, complete or update identity verification, and close all crypto positions by August 26 at 01:00 UTC. The company recommended that users submit withdrawal requests by 5:00 UTC on the same day rather than waiting until the deadline.

BitMart said some withdrawal requests may require additional review before approval. The exchange may examine account ownership, KYC documents on file, the device and IP address used to log in, the receiving wallet, the source of funds, and the account’s trading history. It may also conduct checks related to blockchain risk, sanctions requirements, the Travel Rule, and other legal obligations. Those checks mean withdrawals may depend on users having current verification records and account-security settings in place, not just an available balance.

“For users who do not complete withdrawals within the recommended timeframe, the related requests will be transferred to a dedicated processing procedure,” BitMart said.

Changpeng “CZ” Zhao, founder of Binance, responded: “Tough times (again)! At least, it appears to be an orderly wind down where users can withdraw their assets. Pro tip: Self custody if you know how to keep your seedphrase safe (Trust Wallet). Or use the largest exchange (Binance) with staying power.”

CZ’s comment included references to Trust Wallet and Binance as alternatives for users considering where to hold assets after BitMart’s shutdown.