BitMart has started an orderly wind-down of its cryptocurrency exchange after reviewing its operating conditions, the broader market environment, and its strategic direction. The company stopped new registrations, deposits, and new trading orders on July 26 and plans to halt trading services on August 26 before ending trading-platform operations in January 2027.

The announcement was followed by a sharp decline in BMX, BitMart’s native token, which fell by more than half within 24 hours. BitMart has kept withdrawals available while asking users to close positions, cancel open orders, and move assets before recommended deadlines. The staged timeline leaves users with a short window to manage open trading exposure before trading stops, while asset withdrawals remain subject to later operational checks.

BitMart Begins Phased Shutdown

BitMart stopped new account registrations, crypto deposits, fiat deposits, and new spot orders at 01:30 UTC on July 26, according to its official notice. The exchange also moved futures accounts into reduce-only mode, allowing customers to reduce or close existing positions while preventing them from adding new exposure.

Copy trading, grid trading, API trading, and other automated services also began winding down as part of the closure process. BitMart said it will stop spot, futures, and other trading services at 01:00 UTC on August 26. It plans to terminate trading-platform operations at 15:59 UTC on January 31, 2027.

After that date, users will retain limited account access to review records and submit withdrawal requests through a separate process. BitMart urged customers to close positions before the August 26 trading cutoff and recommended that withdrawal requests be submitted before 05:00 UTC on the same day.

The company said some withdrawal requests may be delayed by identity verification, sanctions screening, wallet ownership checks, source-of-funds reviews, Travel Rule requirements, and network congestion. Users were also told to cancel open orders, redeem Earn products, exit staking and lending services, and download transaction records, steps that can affect both access to funds and later account documentation.

BitMart may settle futures positions that remain open after trading ends using its mark price, index price, or other applicable rules. Users who do not withdraw within the recommended period will have to follow a later process that the company has not yet detailed.

BMX Drops After Closure Notice

BMX fell by about 63% during the 24 hours around the announcement, while BitMart’s own market page showed a decline of nearly 65% at one point. CoinGecko placed the token near $0.164 on July 26, with daily trading volume at about $6.1 million as traders responded to the shutdown plan.

The token’s market value dropped to $55.6 million, down from more than $100 million earlier in the week. BMX is used to provide holders with trading-fee discounts and access to other platform benefits. The closure of the exchange removes much of that direct utility and adds pressure to token demand, because those benefits are tied to activity on BitMart’s trading platform.

Price data varied across tracking platforms as the market moved quickly following the announcement.

Recent Service Restrictions Came Before Exit Plan

BitMart cited operating conditions, the market environment, and its future strategic direction as reasons for the shutdown. The company did not say it was facing insolvency, a security breach, a regulatory order, or a shortfall in customer assets. Users have not received a formal financial explanation beyond the stated reasons.

The closure follows several service restrictions introduced in recent days. 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 and scheduled forced liquidations for July 26.

Earlier, the company asked remaining U.S.-linked users to close positions and withdraw funds by August 8 during a compliance review.

BitMart’s announcement came days after BitMEX said it would close its derivatives exchange on September 23 following a strategic review. Odos also announced plans to close its decentralized exchange aggregator on July 30. Each platform gave different reasons and timelines for its decision, but the notices put more attention on how crypto trading venues communicate wind-down procedures, withdrawal access, and the treatment of open positions.

BitMart entered the cryptocurrency market in 2017 and grew through listings of smaller digital assets. The company reached a valuation above $300 million after a Series B funding round in 2021. That same year, attackers stole assets from two hot wallets, and BitMart said it would compensate affected users with company funds.