BitMart announced it will begin an orderly wind-down of its cryptocurrency exchange, halting all trading services on August 26 and planning to cease operations entirely on January 31, 2027. The company said the decision follows a review of its operating conditions, market environment, and strategic direction.
Under the shutdown plan, BitMart has stopped accepting new user registrations and deposits. Futures positions have been placed in reduce-only mode, and spot markets no longer accept new orders. The platform warned that some withdrawal requests may be subject to additional compliance and security reviews, which could lengthen processing times.
The move adds BitMart to a growing list of crypto platforms announcing closures in recent months, following other exchanges that have signaled or begun shutdowns.
BMX, BitMart’s native token, plunged sharply after the announcement. BMX fell roughly 70% from about $0.31 late Friday to around $0.0946 at the time of reporting, after an earlier intra-day low near $0.1058. The crash coincided with user reports on social media of delayed withdrawals, particularly for Tether (USDT), with some withdrawal requests reportedly pending for hours.
On-chain analysis attributed to wallet-tracking data showed addresses linked to BitMart held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6. A large portion—approximately $41.5 million—was in WFI tokens from the stablecoin banking platform WeFi. Tracked wallets held only about $91,000 in USDT.
BitMart did not provide further public comment beyond its wind-down notice.
The BMX rout also generated some market confusion: social posts in Mandarin and other communities conflated BitMart and its BMX token with the separate exchange BitMEX and its BMEX token. BitMEX announced its own shutdown date recently, and its native token plunged dramatically after that notice. It is unclear whether the confusion between the two names materially affected BMX trading volumes or price action.
Users of BitMart and holders of BMX should monitor official communications from the exchange, check withdrawal statuses, and consider moving assets to self-custody or other platforms if withdrawals complete. Given the planned cessation of services and the potential for extended review periods, customers should act promptly and verify information independently.