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BitMart to wind down its trading platform, halting trading in August
BitMart stopped taking new registrations, deposits, and orders on Sunday, with all spot and derivatives trading ending August 26 before a final shutdown on January 31, 2027.
BitMart said it will wind down its crypto trading platform after nine years, halting all trading on August 26 and ceasing operations on January 31, 2027. The exchange stopped taking new registrations, deposits, and orders at 01:30 UTC on Sunday, according to Decrypt.
The shutdown follows a sharp drop in BitMart’s BMX exchange token, which crashed by more than 80% over the past week to about $0.057 and cut its market value to roughly $19.6 million, citing CoinGecko data. BitMart said it is ending operations after a “careful evaluation” of its operating conditions, the market environment, and its “future strategic direction,” without specifying the immediate cause.
BitMart said withdrawals will remain open, but warned identity, device, sanctions, and source-of-funds checks could slow processing as users rush to exit. The exchange also cited its past, noting it lost $196 million to a hot-wallet breach in December 2021 and covered customer losses.
The closure comes days after perpetuals exchange BitMEX said it will shut down after 11 years. Decrypt also highlighted commentary from Echo Base CEO Roshan Dharia, who said the industry is entering a period of “significant consolidation” in digital assets.