BitMart has begun a phased wind-down of its global cryptocurrency exchange after reviewing its operating conditions, the market environment, and its future strategic direction.

In an official shutdown notice, the exchange said it stopped new user registrations, cryptocurrency and fiat deposits, and new spot orders from 01:30 UTC on July 26. Futures accounts were moved into reduce-only mode, while copy trading, grid trading, API trading, and other automated services began winding down.

BitMart said it will end all spot, futures, and other trading services at 01:00 UTC on August 26. The full platform, however, will not close on that date. The company plans to terminate trading-platform operations at 15:59 UTC on January 31, 2027. After that point, users will retain limited account access for a period to review records and submit withdrawals. The staggered schedule means users face separate deadlines for opening or reducing trades, submitting withdrawals, and accessing historical records.

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

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 sets deadlines for positions and withdrawals

BitMart instructed users to close all positions before 01:00 UTC on August 26 and recommended that they submit withdrawal requests before 05:00 UTC on the same day. Withdrawals remain available, but the exchange said requests may be subject to identity checks, source-of-funds reviews, wallet ownership verification, sanctions screening, Travel Rule requirements, and security reviews. Those checks are common in regulated exchange withdrawals, especially when platforms need to confirm account ownership, comply with sanctions rules, or collect sender and recipient information for certain transfers. BitMart also warned that heavy demand or network congestion could extend processing times.

The exchange asked customers to cancel open orders, redeem eligible Earn, staking, and lending products, and download account records. BitMart said it may settle any futures positions that remain open when trading ends using its mark price, index price, or other applicable rules. Users who miss the recommended withdrawal window will be moved into a separate process that BitMart said it will explain later.

BMX declines as the shutdown is announced

BMX, BitMart’s platform token, fell by around 63% during the 24 hours around the announcement. BitMart’s own market page showed a drop of about 64.9% at one point, while CoinGecko’s BMX page listed the token near $0.164 on July 26 with about $6.1 million in daily trading volume.

The token is closely tied to exchange activity. BMX provides trading-fee discounts and other platform benefits, and the planned end of trading removes much of that direct utility. Price readings differed across trackers because the market was moving quickly and platforms were using different update times. CoinGecko data placed BMX’s market value near $55.6 million on July 26, down from more than $100 million earlier in the week.

Wind-down follows earlier service restrictions

BitMart did not identify a single event that led to the shutdown. Its notice cited only “operating conditions, market environment, and future strategic direction.” The exchange did not say it had entered insolvency, and it did not link the decision to a security incident, a regulatory order, or a lack of customer assets. As a result, users have not received a detailed financial explanation for the wind-down.

The announcement followed several recent service changes. BitMart suspended its automated market-making bot on July 24 and returned users’ principal and earnings to spot accounts. It also ended spot margin trading, with forced liquidation scheduled for July 26. On July 23, the exchange told remaining U.S.-linked users to close positions and withdraw funds by August 8 as part of a compliance review.

BitMart joins other recent crypto platform closures

BitMart’s announcement came three days after BitMEX said it would close its derivatives exchange on September 23 following a strategic review. BitMEX stopped accepting new registrations and set August 26 as the date after which customers would no longer be able to open new positions. Odos also announced plans to shut down its decentralized exchange aggregator on July 30, though the platforms gave different reasons and timelines. The cluster of closures puts additional focus on how exchanges communicate withdrawal procedures, retain customer records, and handle open positions when they decide to exit a market or business line.

BitMart entered the market in 2017 and grew by offering a broad selection of smaller tokens. A 2021 Series B round led by Alexander Capital Ventures valued the company at more than $300 million. Fenbushi Capital had made an earlier investment in 2019. Days after the Series B announcement, attackers compromised two hot wallets and stole assets that BitMart valued at about $150 million, while outside estimates reached $196 million.

At the time, BitMart said it would use its own funds to compensate affected customers. The shutdown notice did not connect the current wind-down to that breach, which occurred nearly five years earlier. In May 2026, BitMart said “all platform operations are running normally” while responding to online concerns about withdrawals and risk controls. It also said it planned to publish proof of reserves after completing security preparations.

BitMart is now warning that scammers may try to exploit the shutdown. The exchange said it will not charge an expedited withdrawal fee and will not ask users for passwords, two-factor authentication codes, private keys, or recovery phrases. It advised customers to rely on its official website, app, registered emails, and support system, and to verify networks and addresses before transferring funds.