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Bitmart is closing its worldwide crypto exchange after nine years, and the announcement sent BMX down about 60% on Sunday, according to data from Coingecko.
The company said, “After a careful evaluation of the Company’s operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations. We deeply regret having to make this decision.”
Bitmart stated that while clients close positions, redeem merchandise, preserve records, and withdraw money, certain components of its system will continue to function. The conclusion of full platform operations is set for January 31, 2027, at 15:59 UTC.
The closure comes after Cryptopolitan reported on Thursday that another exchange BitMEX had ended operations after 11 years, so two major crypto trading platforms shut down in just four days.
Bitmart blocks new activity before it ends all trading in August
Bitmart began putting the restrictions in place on July 26, 2026, at 01:30 UTC. From that point, new users could no longer open accounts, while crypto and cash deposits were being switched off.
Any futures trade still open when the deadline arrives could be closed by Bitmart. The exchange may use its current pricing system, index price, or whatever settlement rules apply at the time. It said the full details would come in another announcement.
Futures traders can now only reduce or close positions. They cannot start new ones. Spot trading is no longer taking fresh orders either. Bitmart is also shutting down copy trading, grid bots, API trading, and its other automated tools. Anyone with an open order needs to cancel it, or Bitmart will do it for them.
The final shutdown will not instantly remove user access. “After operations have ceased, users will still be able to log in for a specified period to access their accounts, review historical records, and submit withdrawal requests in accordance with the applicable procedures in effect at that time,” said Bitmart.
Bitmart said in its official notice that users must upgrade their security features, finish or update identification verification, and close any and all crypto positions by August 26 at 01:00 UTC. Instead of waiting until the deadline, it suggested submitting withdrawal requests by 5:00 UTC that same day.
Some requests will need a closer look before Bitmart approves them, per the notice. The exchange may check who owns the account, the KYC documents on file, the device and IP address used to log in, the wallet receiving the funds, where the money came from, and the account’s trading history. It may also run checks linked to blockchain risks, sanctions rules, the Travel Rule, and other legal requirements.
Bitmart said “For users who do not complete withdrawals within the recommended timeframe, the related requests will be transferred to a dedicated processing procedure.”
Changpeng “CZ” Zhao, founder of Binance, responded: “Tough times (again)! At least, it appears to be an orderly wind down where users can withdraw their assets. Pro tip: Self custody if you know how to keep your seedphrase safe (Trust Wallet). Or use the largest exchange (Binance) with staying power.”
CZ’s message also came with the biased recommendation of Trust Wallet and Binance for users looking for alternatives.
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