BitMart has begun winding down its global cryptocurrency exchange, starting with an immediate halt to new user onboarding, deposits, and fresh trading activity. The company said the decision followed a review of its operating conditions, the broader market environment, and its future strategy. In the hours after the notice, BitMart’s platform token BMX fell by roughly 63% over 24 hours.
Shutdown starts with trading restrictions
According to BitMart’s notice, several core functions were stopped from 01:30 UTC on July 26. The exchange said it disabled new registrations, as well as both cryptocurrency and fiat deposits. New spot orders were also suspended at that time.
At the same time, futures accounts were moved into reduce-only mode, limiting traders to cutting exposure rather than opening larger positions. BitMart also began winding down copy trading, grid trading, API trading, and other automated features as part of the first stage of the closure process.
Trading set to end in August
BitMart said all spot, futures, and other trading services are scheduled to end at 01:00 UTC on Aug. 26. The company indicated that users should close all positions before that deadline. It also said withdrawal requests should be submitted before 05:00 UTC on the same day.
The exchange noted that the Aug. 26 milestone does not mark the full closure of the platform. Instead, it is the point at which trading activity is expected to stop across the service.
Users told to redeem products and save records
As part of the wind-down, BitMart advised users to cancel open orders and redeem eligible products tied to its Earn, staking, and lending services. Customers were also told to download account records while access remains available.
Withdrawals are still open, although BitMart said they may be subject to review. The company further stated that any futures positions left open could be settled according to its own rules.
Final platform operations planned for 2027
Beyond the end of trading in August, BitMart outlined a longer timetable for shutting down the rest of the exchange infrastructure. It said trading-platform operations are planned to terminate at 15:59 UTC on Jan. 31, 2027. After that, users are expected to retain limited account access for a period so they can review records and submit withdrawals.
The market reaction was sharpest in BMX, BitMart’s native platform token. The token dropped about 63% in the 24 hours around the announcement, a move that reflected its close connection to activity on the exchange.
The shutdown marks a staged retreat rather than an immediate disappearance of the platform, with trading ending first and administrative access expected to continue for some time afterward. For users, the key dates are the August deadlines for closing positions and requesting withdrawals, followed by the planned end of trading-platform operations in early 2027.
Source: crypto.news