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BitMart to wind down trading as withdrawals get delayed
BitMart stopped taking registrations, deposits, and orders on July 26, with withdrawals becoming a concern after on-chain data showed ETH and stablecoins moving out ahead of the shutdown.
BitMart announced it will wind down its crypto trading platform after nine years, stopping new registrations, deposits and orders at 01:30 UTC on July 26. The exchange said spot, futures and other trading services will end at 01:00 UTC on Aug. 26, and the platform will formally cease operations on Jan. 31, 2027, according to CryptoSlate.
BitMart said the decision followed an assessment of its operating conditions, market environment and strategic direction, without pointing to a specific financial, regulatory or operational trigger. Earlier, the exchange discontinued its Spot Margin service and suspended its Automated Market Making Bot, describing those changes as intended to improve security, convenience and reliability.
The shutdown is now colliding with customer withdrawal problems, with on-chain and wallet monitoring raising alarm. CryptoSlate cited Nansen as saying much of the ETH and stablecoin balance held in wallets it tracks for the exchange was transferred out in recent days, leaving wallets with relatively little readily usable liquidity and reserves increasingly dominated by less liquid tokens.
CryptoSlate also reported that Lookonchain said only 58 wallets withdrew about $805,000 over a 24-hour period after the shutdown announcement, and that it found an eight-hour stretch where BitMart processed no withdrawals. Onchain Lens similarly said BitMart processed no Bitcoin, stablecoin or altcoin withdrawals above $25,000 over a 24-hour period, and it reported no large withdrawals from retail users, market makers or listed projects.
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