Cryptocurrency exchange BitMart has begun a gradual shutdown of its global trading platform, citing a review of its operating conditions, market environment, and future business strategy.
As part of the process, BitMart stopped new user registrations, crypto and fiat deposits, and new spot trading orders on July 26. The exchange has also started winding down several services, including copy trading, grid trading, API trading, and other automated features. Futures trading has been placed into reduce-only mode, allowing users to close positions but not open new ones.
BitMart plans to shut down all spot, futures, and other trading services on August 26. However, the platform itself will remain accessible for a period after that date. The company said trading-platform operations will officially end on January 31, 2027, while users will still have limited access to review account records and withdraw funds.
The exchange has urged customers to close their positions, cancel open orders, redeem staking and lending products, and download important account information before the trading deadline. Withdrawals remain available, although BitMart warned that additional security and compliance checks could slow processing times during periods of high demand.
The announcement triggered a sharp reaction in the market. BMX, BitMart’s native platform token, lost around 63% of its value within 24 hours as traders responded to the news. Because BMX is primarily used for trading-fee discounts and platform-related benefits, the shutdown significantly reduces its utility.
BitMart did not provide a detailed reason for closing the exchange. The company stated only that the decision followed an assessment of business conditions and future strategic plans. It did not mention insolvency, a security breach, regulatory action, or a shortage of customer funds as factors behind the move.
The closure follows several recent service restrictions. Earlier this week, BitMart ended its automated market-making service, suspended margin trading activities, and introduced compliance-related measures affecting some users.
Founded in 2017, BitMart grew into a well-known exchange by listing a large number of smaller cryptocurrencies. The company was valued at more than $300 million after a funding round in 2021. That same year, the exchange suffered a major hack that resulted in the loss of approximately $150 million in crypto assets, although BitMart later said it compensated affected users.
For now, the company says withdrawals remain open and customer assets remain accessible. It has also warned users to be cautious of scams, reminding them that it will never ask for passwords, private keys, recovery phrases, or two-factor authentication codes during the shutdown process.
The announcement makes BitMart the latest crypto trading platform to exit the market as exchanges continue to face changing business conditions, regulatory pressures, and growing competition across the industry.
