Users have been given one month to close open positions and up to six months to withdraw funds, though the exchange did not specify a clear reason for the shutdown.
Crypto exchange BitMart announced on Sunday that it will gradually wind down its trading platform, bringing an end to nine years of operations. Its native BMX token fell nearly 60% following the news.
The move makes BitMart the second exchange this week to announce a closure. Earlier, derivatives-focused platform BitMEX said it would shut down after 11 years, according to CoinDesk.
BitMart said it halted new registrations, deposits, and trading orders from 01:30 UTC on Sunday. Futures accounts have been switched to reduce-only mode.
All trading, including spot and derivatives, will stop on Aug. 26, while the platform is scheduled to fully cease operations on Jan. 31, 2027. Withdrawals will remain available throughout, but users are encouraged to complete identity verification, close positions, and submit withdrawal requests before the August deadline.
In a statement, the company said the decision followed a review of its operating conditions, market environment, and long-term strategy, without detailing which factors were decisive.
CoinDesk has contacted BitMart for further comment.
BMX, the exchange’s token, dropped to around $0.08, down 58% in 24 hours and reducing its market capitalization to about $27 million. The token had already lost roughly 70% over the past year, extending an ongoing decline.
Despite the shutdown, BitMart’s trading activity remains significant. The exchange reported $1.6 billion in 24-hour volume, a 51% increase from the previous period, with bitcoin accounting for nearly half. The surge likely reflects users closing positions and withdrawing funds rather than fresh inflows, raising questions about why a platform with such activity is shutting down.
Withdrawal procedures may also be more complex than usual. BitMart warned that requests could face additional checks, including identity verification, device and IP screening, withdrawal address validation, source-of-funds inquiries, and sanctions compliance. Processing times could lengthen if withdrawal volumes spike.
BitMart previously suffered a major security breach in December 2021, when about $196 million was stolen from its hot wallets. The exchange reimbursed affected users at the time.
