BitMEX and BitMart Announce Trading Service Shutdowns Amid Deepening Crypto Bear Market
Key Takeaways
- •BitMEX will close its activities on September 23 following a strategic review by HDR Global Trading Limited.
- •BitMart will stop accepting new deposits, trading orders, and registrations after July 26.
- •BitMart plans to end all trading operations by August 26 and shut down remaining services on January 31 next year.
- •The shutdown plans come amid a worsening crypto bear market that has also pressured several DeFi initiatives.
- •Users were warned through an X post from CORE (Satoshi) to withdraw any remaining funds from the affected platforms.
BitMEX and BitMart have announced plans to shut down their respective trading services as conditions in the crypto market continue to worsen. The closures involve two centralized exchange platforms and come after a period in which several DeFi initiatives have also faced pressure or closure amid the broader bear market.
For users, the timing of each shutdown is especially important because centralized exchanges typically control account access, deposits, withdrawals, and trading functions through their own service windows. Once those windows close, remaining platform services may become limited or unavailable according to the exchange’s announced schedule.
An X post from CORE (Satoshi) highlighted the announcements and warned users to withdraw any remaining funds from the platforms:
The bear market is getting worse. Two old CEX platforms are shutting down: 🪦 @BitMartExchange 🪦 @BitMEX If you have funds there, withdraw them. First, we saw DeFi platforms shutting down. Now even some CEX platforms are closing. This is turning into one of the toughest bear… pic.twitter.com/3WzIsQTF6B — CORE (Satoshi) (@Core_002) July 26, 2026
The bear market is getting worse. Two old CEX platforms are shutting down: 🪦 @BitMartExchange 🪦 @BitMEX If you have funds there, withdraw them. First, we saw DeFi platforms shutting down. Now even some CEX platforms are closing. This is turning into one of the toughest bear… pic.twitter.com/3WzIsQTF6B
BitMEX to End Trading Services Following Strategic Review
HDR Global Trading Limited’s BitMEX has confirmed that it will close its activities on September 23 of this year. The company cited a strategic review as the basis for the decision.
BitMEX is known for introducing the 100x leverage perpetual swap, a product that helped reshape crypto derivatives trading and drew many investors into that market segment. Perpetual swaps became a major part of crypto derivatives because they allow traders to take leveraged long or short exposure without a fixed expiry date. Despite operating for more than 11 years, the exchange acknowledged that current market realities have made its ongoing operations unsustainable.
BitMart Sets Service Suspension Timeline Ahead of Final Closure
BitMart is also moving to close its trading services. According to the announced timeline, the platform will stop processing new deposits, trading orders, and registrations after July 26. It will then discontinue all trading operations by August 26.
The final closure of the platform is scheduled for January 31 of next year. At that stage, BitMart will cease all remaining services.
BitMart said the decision followed a careful assessment of broader operating conditions, its strategic direction, and the market environment. The simultaneous shutdown plans by BitMEX and BitMart underscore the depth of the current crypto bear market and point to a broader contraction across parts of the sector. The crypto community is watching for further turbulence, with some participants raising concerns about whether similar closures could follow.
