BitMart, a global cryptocurrency exchange, kicked off the process of shutting down its trading platform on July 26, 2026. The company immediately stopped new user registrations and froze both crypto and fiat deposits from 01:30 UTC that day, urging customers to avoid sending additional funds as they may not be credited.
Alongside deposit halts, BitMart restricted trading activities significantly: futures accounts were switched to reduce-only mode, preventing new positions, and spot markets stopped taking fresh orders. Automated trading features like copy trading and API trading started to be phased out carefully to ensure an orderly wind-down.
The full suspension of spot and futures trading is scheduled for August 26, 2026, at 01:00 UTC. Any futures positions still open then will be settled following the platform’s pricing and settlement rules. Throughout this period, withdrawals remain accessible but will require identity and security checks, adding an extra layer of verification for users trying to retrieve assets.
The shutdown decision came after a thorough evaluation of business conditions and the overall market environment. However, the announcement stirred controversy when former BitMart Global CEO Nenter Chow revealed he was not involved in this critical decision and learned about the closure through public channels. Chow's exit from the company began just days before on July 24, 2026, and since then, he was excluded from any management or operational discussions.
This move marks a significant change for BitMart's worldwide customers who must now adjust to the platform’s gradual retirement. While it joins a growing list of crypto exchanges scaling down amid volatile markets, it remains to be seen how users will respond to the phased service interruptions and final shutdown.
