BitMart has announced a phased shutdown of its cryptocurrency exchange, marking the end of nearly a decade of operations. The decision triggered a sharp sell-off in the platform’s native BMX token, which lost more than 60% of its value as traders reacted to the news.
The exchange has already begun winding down key services, with new registrations, deposits, and fresh trading activity halted. While users can still withdraw funds, BitMart is urging customers to close positions and complete withdrawals before the recommended deadlines as it gradually exits the market.
Trading Services to End in Phases
According to BitMart’s official shutdown notice, new user registrations, cryptocurrency and fiat deposits, and new spot trading orders were suspended from 01:30 UTC on July 26.
The exchange has also placed futures accounts into reduce-only mode, preventing traders from increasing existing positions while allowing them to reduce exposure. In addition, copy trading, grid trading, API trading, and other automated services have begun winding down.
BitMart said all spot, futures, and related trading services will cease at 01:00 UTC on August 26. However, the platform itself will remain partially operational until January 31, 2027, when trading-platform operations will officially end. Users will continue to have limited account access after that date to review account records and complete any remaining withdrawals.
Exchange Advises Users to Withdraw Funds Early
As part of the closure process, BitMart is encouraging customers to close all open positions before trading ends on August 26.
The exchange also recommends submitting withdrawal requests before 05:00 UTC on the same day, although withdrawals will remain available beyond that point. Users should be aware that withdrawal requests may be subject to additional compliance checks, including identity verification, source-of-funds reviews, wallet ownership verification, sanctions screening, Travel Rule requirements, and other security procedures.
BitMart warned that heavy withdrawal demand or blockchain network congestion could lead to longer processing times.
Customers have also been instructed to cancel outstanding orders, redeem eligible Earn, staking, and lending products, and download their account history before services are discontinued.
For any futures positions left open when trading ends, BitMart said settlements may be carried out using the applicable mark price, index price, or other exchange rules. The company added that users who fail to complete withdrawals within the recommended period will be moved into a separate withdrawal process, with further guidance to be provided later.
BMX Suffers Heavy Losses Following Announcement
Investor sentiment turned sharply negative after the exchange revealed its plans.
BitMart’s native token, BMX, dropped roughly 63% over the 24-hour period surrounding the announcement. At one stage, BitMart’s own market data showed the token down nearly 65%, while CoinGecko listed BMX at around $0.164 on July 26, with approximately $6.1 million in daily trading volume.
The decline highlights the token’s close relationship with the exchange itself. BMX primarily provides trading fee discounts and other platform-specific benefits, making its utility significantly weaker once trading services are discontinued.
Price differences across market trackers reflected the extreme volatility during the sell-off and varying update intervals. CoinGecko valued BMX’s market capitalization at approximately $55.6 million on July 26, down from more than $100 million earlier in the week.
BitMart Provides Few Details Behind Decision
Despite announcing the closure, BitMart did not identify a specific reason for shutting down.
Instead, the company said the decision followed a review of its “operating conditions, market environment, and future strategic direction.” It did not indicate that the exchange was insolvent, nor did it attribute the move to regulatory action, a security breach, or customer asset shortages.
As a result, users still lack a detailed explanation for why the exchange is winding down despite continuing to process significant trading activity.
Shutdown Follows Series of Service Reductions
The closure announcement came after several operational changes over recent days.
On July 24, BitMart discontinued its automated market-making bot and returned users’ principal and accumulated earnings to their spot accounts. The exchange also ended spot margin trading, with forced liquidations scheduled for July 26.
A day earlier, BitMart instructed its remaining U.S.-linked customers to close positions and withdraw assets by August 8 as part of an ongoing compliance review.
Another Major Crypto Exchange Exits the Market
BitMart’s announcement follows a broader trend of exchange closures this week.
Three days earlier, BitMEX revealed plans to wind down its derivatives exchange after conducting its own strategic review. The platform stopped accepting new registrations and set August 26 as the deadline for customers to stop opening new positions.
Separately, decentralized exchange aggregator Odos also announced plans to cease operations on July 30, although its closure follows a different timeline and rationale.
Looking Back at BitMart’s History
Founded in 2017, BitMart built its reputation by listing a broad range of emerging cryptocurrencies.
The company raised a Series B funding round in 2021 led by Alexander Capital Ventures, reaching a valuation exceeding $300 million. Fenbushi Capital had previously invested in the exchange in 2019.
Shortly after announcing the funding round, BitMart suffered one of the crypto industry’s largest exchange hacks when attackers compromised two hot wallets. The exchange estimated losses at approximately $150 million, while external estimates placed the figure closer to $196 million.
BitMart later reimbursed affected users using its own funds. The company has not linked its current shutdown plans to that 2021 security breach.
More recently, in May 2026, BitMart dismissed online concerns surrounding withdrawals and risk controls, stating that platform operations were functioning normally while also saying it intended to publish proof of reserves after completing security preparations.
Users Warned About Potential Scams
BitMart cautioned customers that scammers may attempt to exploit uncertainty surrounding the shutdown.
The exchange emphasized that it will never request passwords, two-factor authentication codes, private keys, or recovery phrases, nor will it charge expedited withdrawal fees.
Users have been advised to rely exclusively on BitMart’s official website, mobile application, registered email communications, and customer support channels while carefully verifying wallet addresses and blockchain networks before transferring assets.
The exchange’s orderly wind-down marks the end of a nine-year chapter in the cryptocurrency industry, leaving users focused on securing their funds while the market assesses the broader implications of another established trading platform exiting the sector.