Users have been given a one-month window to close their trades and up to six months to withdraw their funds, though the exchange did not disclose a specific reason for its shutdown.
Crypto exchange BitMart announced on Sunday that it will wind down its trading platform after nine years of operation. Following the announcement, its native BMX token plunged by nearly 60%.
This is the second exchange closure revealed this week. Perpetual trading giant BitMEX also said on Thursday that it plans to shut down after 11 years, according to CoinDesk.
BitMart said it stopped accepting new registrations, deposits, and trading orders from 01:30 UTC on Sunday, with futures accounts placed into reduce-only mode.
All trading activities, including spot and derivatives, will end on Aug. 26, while the platform is set to fully shut down on Jan. 31, 2027. Withdrawals will remain open during this period, but users are advised to complete identity verification, close positions, and submit withdrawal requests before the August deadline.
In an official notice, the company attributed the decision to its operating conditions, the broader market environment, and its future strategic plans, without providing further details.
CoinDesk has reached out to BitMart for additional comment.
BMX, the exchange’s native token, dropped to around $0.08, marking a 58% decline in 24 hours and bringing its market capitalization down to roughly $27 million. The token had already fallen about 70% over the past year, indicating that the latest drop extends an ongoing downtrend.
Despite the shutdown announcement, BitMart’s trading activity remains notable. The exchange reported $1.6 billion in 24-hour trading volume, up 51% from the previous period, with bitcoin accounting for nearly half. The surge likely reflects users closing positions and withdrawing funds rather than new demand, raising questions about why a platform with such volume is shutting down.
The withdrawal process may also involve added friction. BitMart warned that requests could be subject to enhanced checks, including identity verification, device and IP screening, withdrawal address validation, source-of-funds inquiries, and sanctions compliance. Processing times may be longer if withdrawal requests spike.
BitMart previously experienced a major security breach in December 2021, when about $196 million was stolen from its hot wallets. The exchange reimbursed affected users at the time.
