BitMart will end all trading on Aug. 26 and cease platform operations on Jan. 31, 2027. Its BMX token lost nearly 70% of its value while users reported delayed withdrawals from the exchange.
BitMart will wind down its cryptocurrency exchange, ending all trading services on Aug. 26 before ceasing operations entirely on Jan. 31, 2027. According to the company's Sunday notice, BitMart decided to "commence an orderly wind-down of its trading platform operations".
Under the shutdown plan, the exchange has stopped accepting new user registrations and deposits, while futures trading has entered reduce-only mode and spot markets no longer accept new orders. Copy trading, grid trading, API trading and other automated services begin phasing out on July 26, 2026, and investment products including Earn, staking, lending and Launchpad will be retired separately.
BMX sinks as users report withdrawal delays
BMX traded at about $0.09464, down nearly 70% from about $0.31 late Friday. The token fell as low as $0.1058 early Saturday before extending its losses.
Several users on X reported that withdrawals were taking longer than usual, with some claiming that Tether USDt withdrawal requests remained pending for hours. Arkham data showed wallets attributed to BitMart held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6. About $41.5 million of that sat in stablecoin banking platform WeFi's WFI tokens, while the tracked wallets held about $91,000 in USDT.
What users must do before Aug. 26
BitMart said in its announcement that some withdrawal requests could be subject to additional compliance and security reviews, potentially extending processing times. Crypto Briefing reported that users are advised to withdraw assets as early as possible by completing KYC verification, closing open positions and submitting withdrawal requests before the Aug. 26 deadline.
The firm said withdrawals will remain available afterward but may face identity verification, blockchain risk analysis, Travel Rule compliance, sanctions screening and source-of-funds checks. Users will temporarily retain access to their accounts for withdrawals and historical records after the platform closes.
A shrinking field of exchanges
BitMart, established in 2017 by founder and CEO Sheldon Xia, joins a growing list of crypto trading platforms that have announced plans to close shop in recent months. BitMEX and Dango both said this week they would shut down their respective trading platforms.
The exchange did not respond to Cointelegraph's request for comment before publication.
Sources: Cointelegraph, Crypto Briefing
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