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BitMart sets shutdown dates
BitMart announced it would begin an orderly wind-down of its cryptocurrency exchange after reviewing its operating conditions, market environment, and future strategic direction, ending nearly nine years of operations.
“Crypto exchange BitMart to shut down after nine years, BMX token crashes 58% Users have a month to close trades and six months to withdraw funds, and the exchange gave no specific reason for the closure”
The exchange stopped accepting new user registrations, deposits, and fresh trading orders at 9:30 p.m. Eastern Time on Sunday, while futures accounts entered reduce-only mode.
BitMart said all spot and derivatives trading would end on August 26, 2026, and that the platform would fully cease operations on January 31, 2027.
In the hours after the announcement, BMX—the exchange’s native token—fell by more than 55% and was described as collapsing by more than 60% within hours of the shutdown news.
Withdrawals open, reviews loom
Even as BitMart halted new trading, it told users that withdrawals were still open during the transition period, though requests could take longer.
BitMart warned that identity verification, compliance checks, and blockchain congestion could slow withdrawals, and urged customers to close positions and submit withdrawal applications ahead of August 26.
One report said BitMart advised users to complete identity verification, close open positions, and submit withdrawal requests before the August 26 trading cutoff, with added scrutiny including sanctions screening and Travel Rule compliance.
Another outlet framed the same process as a need to manage deadlines because withdrawals remain available but may face longer processing as identity, source-of-funds, wallet-ownership, and compliance reviews take effect.
A wider wave of exits
BitMart’s shutdown was presented as part of a broader wave of exchange closures, with the exchange described as the third centralized platform to announce an exit during the month.
“BitMart has started a phased shutdown of its global cryptocurrency exchange after reviewing its operating conditions, market environment, and future strategy”
The closures were linked to other names and dates, including AscendEX closing on July 1 and BitMEX—co-founded by Arthur Hayes—announcing its own closure on Thursday.
Stocktwits said BitMart’s announcement followed the third crypto exchange to announce a shutdown in two weeks, and it also tied the pattern to the shutdown of over 30 crypto projects in 2026.
In a separate framing, TradingView said BitMart’s closure came as a “rash of exchange closures” marked a broader shakeout, while Disruption Banking emphasized that BitMart’s notice pointed to “operating conditions, market environment, and future strategic direction” without naming a single cause.
