Crypto exchange BitMart said Sunday that it will begin an orderly wind-down of its trading platform after nine years of operation, making it the second major crypto exchange in a week to announce plans to close, following BitMEX.

The company said it stopped accepting new registrations, deposits, and orders from 01:30 UTC on Sunday. All spot and derivatives trading is scheduled to end on August 26, while the platform will formally cease operations on January 31, 2027, leaving a months-long window focused on account closure and withdrawals rather than new trading activity.

In an official notice, BitMart said the decision followed “a careful evaluation of the Company's operating conditions, market environment, and future strategic direction.” The exchange did not specify which factors ultimately drove the decision.

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

https://x.com/BitMartExchange/status/2081197305491845201?ref_src=twsrc%5Etfw

BitMart added that it “remains committed to managing this wind-down process in a responsible, orderly, and transparent manner.” Withdrawals remain open, although the company warned that identity verification, device checks, sanctions screening, and source-of-funds reviews could slow processing as users move to exit the platform. Those checks are a key operational detail for customers because they mean withdrawal access remains available, but not necessarily instantaneous.

The exchange’s BMX token has fallen sharply since the announcement. BMX has crashed 81% over the past week to $0.057, reducing its market value to $19.6 million, according to CoinGecko data. Decrypt also reported that the token’s market capitalization had been cut to about $19.5 million after falling by more than 80% over the same period.

BitMart previously suffered a $196 million hot-wallet breach in December 2021, one of the larger exchange hacks of that cycle. The platform later covered customer losses stemming from the incident.

The planned shutdown comes days after perpetuals venue BitMEX said it would close after 11 years of operation. Roshan Dharia, CEO of investment firm Echo Base, told Decrypt that the sequence of exits reflects a broader industry shakeout, as crypto trading venues face pressure to maintain liquidity, compliance controls, and viable business models in a more mature market.

“We are entering a period of significant consolidation in digital assets,” Dharia said.

Companies that navigate the turmoil successfully, he added, will be those that “recognize the pressure early, act decisively, and secure the right capital and strategic support before their options narrow.”