BitMart announced that the cryptocurrency exchange, which has been operating for nine years, will begin an orderly shutdown. The platform has stopped accepting new user registrations, deposits, and new orders. Spot and derivatives trading will end on August 26, and operations will officially cease on January 31, 2027.
All trading will be suspended on August 26.
According to BitMart, the platform has suspended new registrations, deposits, and new trading orders since Sunday. Futures accounts have been switched to a position-reducing mode only, and users can no longer add new positions.
BitMart stated that users need to complete closing positions, identity verification, and withdrawal requests by August 26. After that, the platform will no longer provide spot and derivatives trading services, but the withdrawal channel will remain open until the final shutdown.
- New registrations, top-ups, and orders have been suspended: This has taken effect.
- Spot and derivatives trading closed on August 26.
- The platform officially ceased operations on January 31, 2027.
Withdrawals will be retained, but the review process may be slower.
BitMart stated that withdrawals are still possible, but processing times may be longer due to the mass withdrawal of users. The platform also warned that some requests may trigger additional reviews.
These checks include identity verification, device and IP checks, withdrawal address screening, inquiry into the source of funds, and sanctions-related reviews. For users, this means the withdrawal process may be slower than usual.
BMX prices plummeted; the reason for the shutdown was not explained in detail.
Following the announcement, BitMart's platform token, BMX, fell approximately 58% within 24 hours, dropping to around $0.08, reducing its market capitalization to approximately $27 million. Looking at its performance over the past year, BMX has cumulatively fallen by approximately 70%.
BitMart attributed the decision to its operational status, market environment, and future strategic direction, but did not elaborate on the specific reasons. CoinDesk reported that BitMart recently disclosed a 24-hour trading volume of approximately $1.6 billion, a 51% increase from the previous period, with Bitcoin transactions accounting for nearly half.
This means that despite still having some trading volume, the platform chose to exit the market. In the same week, BitMEX also announced its closure after 11 years of operation, once again drawing attention to signs of contraction in the exchange industry.
Additional information:BitMart suffered a hot wallet attack in December 2021, resulting in a loss of approximately $196 million. At the time, the platform stated that it had compensated users for their losses.
