BitMart to Wind Down Exchange, End Trading by Aug. 26

BitMart, a cryptocurrency exchange, said Saturday it will begin an orderly wind-down of its trading platform, halting all trading on Aug. 26 and ceasing operations entirely on Jan. 31, 2027. The exchange attributed the decision to "a careful evaluation of the Company's operating conditions, market environment, and future strategic direction," offering no further detail.

BitMart's BMX token traded near $0.0663, down about 59% over 24 hours and roughly 79% over seven days, cutting its circulating market capitalization to about $22.5 million.

New registrations, deposits, and new trading orders began to be suspended from 01:30 UTC on Sunday, according to the notice. All trading services are due to be discontinued on Aug. 26 at 01:00 UTC, and platform operations will officially cease on Jan. 31, 2027, at 15:59 UTC.

The exchange said withdrawal services will remain available and urged users to close positions, complete KYC if needed, and withdraw assets as early as possible. BitMart warned that withdrawal requests may face additional review covering identity verification, device and IP checks, withdrawal-address screening, source-of-funds questions and sanctions checks, and that processing could stretch if request volumes spike.

BitMart operated for nine years and recently reported about $1.6 billion in 24-hour trading volume. The outlet also reported that BitMart lost about $196 million to a hot-wallet breach in December 2021 and covered customer losses at the time.

The closure is the second crypto exchange wind-down announced this week. BitMEX, a perpetual-futures venue, said Thursday it would shut down after 11 years, ending operations by Sept. 23.