BitMart has kicked off a phased shutdown of its global cryptocurrency exchange, halting new registrations, deposits, and trading orders from July 26. The move follows a thorough review of the company’s operating conditions and market environment, prompting a strategic exit from active trading operations.
Starting 01:30 UTC on July 26, BitMart stopped accepting new user registrations, fiat and crypto deposits, and new spot market orders. Futures accounts shifted to reduce-only mode while automated services like copy trading and API trading began winding down. The exchange plans to end all spot and futures trading by 01:00 UTC on August 26, yet the platform itself will remain partially accessible until January 31, 2027. Users will retain limited account access until then to review history and complete withdrawals.
Traders were urged to close all open positions before the August 26 deadline and submit withdrawal requests by 05:00 UTC that day. Although withdrawals are still possible, they may be delayed due to required identity checks, source-of-funds verification, and compliance with sanctions and Travel Rule regulations. Users were also advised to cancel open orders and redeem any Earn, staking, or lending balances ahead of the shutdown.
The company warned that any futures contracts left open at the close of trading would be settled using standard pricing methods. Those missing the recommended withdrawal window will face a separate process to be outlined later.
The exchange’s native token, BMX, suffered a sharp decline during the announcement period, plunging about 63% within 24 hours. At one point, BitMart’s own market data showed a drop near 65%, while CoinGecko listed BMX at roughly $0.164 with daily trading volume around $6.1 million on July 26. This steep fall reflects BMX’s close link to BitMart’s trading activity, as it grants users fee discounts and platform benefits that lose value once trading ceases.
Withdrawals remain active, but users face longer processing times amid heavy demand and network congestion. BitMart’s orderly wind-down aims to minimize disruption, yet the impact on BMX holders and active traders is significant.
