Crypto exchange BitMart said Sunday that it will begin an orderly wind-down of its trading platform after nine years in operation, sending its BMX token sharply lower and becoming the second major crypto exchange in a week to announce a shutdown.
Shutdown timeline is now set
BitMart said it stopped accepting new registrations, deposits, and orders from 01:30 UTC on Sunday. All spot and derivatives trading will end on August 26, and the platform will formally shut on January 31, 2027.
In its notice, the exchange said it made the decision after evaluating the company’s operating conditions, market environment, and future strategic direction. It also said it remains committed to handling the wind-down in a responsible, orderly, and transparent way.
Withdrawals stay open, but checks may slow processing
The exchange said withdrawals remain open. At the same time, it warned that identity checks, device reviews, sanctions screening, and source-of-funds checks could slow processing as users move to exit the platform.
BitMart did not specify what forced the move
BitMart pointed to its “operating conditions, market environment, and future strategic direction” as the reason for the closure, but did not say which of those factors forced the decision.
According to CoinGecko data, BMX, the exchange’s native token, has dropped 81% over the past week to $0.057, reducing its market capitalization to $19.6 million.
Exchange previously suffered a 2021 hot-wallet breach
BitMart lost $196 million in a hot-wallet breach in December 2021, one of the larger exchange hacks of that market cycle. The platform covered customer losses afterward.
Second exchange closure announced in days
The move follows BitMEX, the perpetuals venue that said days earlier it would close after 11 years. Roshan Dharia, chief executive of investment firm Echo Base, told Decrypt that this run of exchange exits reflects a broader shakeout across the sector.
“We are entering a period of significant consolidation in digital assets,” Dharia said. He added that the companies most likely to make it through the turmoil will be those that “recognize the pressure early, act decisively, and secure the right capital and strategic support before their options narrow.”