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Cryptocurrency exchange BitMart has begun winding down its operations by suspending new user registrations, deposits, and new orders. Trading will end on Aug. 26, while the platform is scheduled to cease operations completely on Jan. 31, 2027.
At the same time, BitMart Global CEO Nenter (Nathan) Chow said he had not been involved in the decision. According to Chow, the company informed him on July 24 that his employment had been terminated, and he only learned about the shutdown after the official announcement was published.
BitMart said the decision followed a review of its operations, market conditions, and long-term business strategy.
Users have been advised to close open positions and withdraw funds before Aug. 26. After that date, withdrawal requests will be handled on a case-by-case basis, with some transactions requiring additional identity and source-of-funds verification.
BitMart token loses nearly 60%
Following the announcement, BitMart's native token, BMX, fell nearly 60% in 24 hours, according to CoinGecko.
In addition to ending trading, BitMart has begun switching futures accounts to reduce-only mode. The exchange is also gradually shutting down copy trading, grid trading, API trading, Earn, staking, lending, and Launchpad services.
BMX price performance. Source: CoinGecko.
The news came as a surprise to the market. Earlier in July, the company reported that assets under management in its investment division had increased by 256% from the previous period. It also announced plans to expand its prediction markets, tokenized assets, and international operations.
Shortly before the shutdown announcement, BitMart said it had obtained an Australian Financial Services Licence and intended to expand its presence in Australia. At the time, the exchange said it served more than 13 million users across 180 countries.
A wave of closures
BitMart's announcement came just days after cryptocurrency exchange BitMEX revealed plans to shut down its operations.
BitMEX said it will cease all operations by Sept. 23, 2026, following a strategic business review. The exchange also advised users to close open positions and withdraw funds before the platform goes offline.
Earlier, Storj Labs, the company behind the decentralized cloud storage platform Storj, filed for Chapter 11 bankruptcy protection in the United States. The company stressed that the filing is intended to facilitate financial restructuring rather than shut down the project.
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