BitMart has announced that it will permanently shut down its cryptocurrency exchange, adding to the growing number of trading platforms exiting the market amid mounting operational challenges and weakening user confidence.
The exchange said it will halt all trading activities on Aug. 26, with a full shutdown scheduled for Jan. 31, 2027. According to the company, the decision followed an internal review of its business performance, market conditions, and long-term strategic priorities.
As part of the closure process, BitMart has already disabled new account registrations and suspended fresh deposits. Spot markets are no longer accepting new orders, while futures trading has been switched to reduce-only mode, allowing traders to close existing positions without opening new ones.
The announcement comes during a wave of exchange closures across the crypto industry. This week alone, both BitMEX and Dango also revealed plans to discontinue their trading platforms.
BMX crash raises concerns
The shutdown announcement coincided with a dramatic sell-off in BitMart’s native token, BMX, which lost nearly 70% of its value within days.
After trading around $0.31 late Friday, BMX plunged to roughly $0.094, extending losses after briefly touching about $0.106 on Saturday.
At the same time, users began reporting delays when attempting to withdraw funds. Several posts on X claimed that USDT withdrawals remained pending for hours, fueling concerns about the platform’s liquidity and operational stability.
Blockchain data from Arkham also indicated a notable decline in BitMart-linked assets. Wallets associated with the exchange held approximately $71 million on Sunday, compared with around $102 million earlier this month. A large share of those holdings consisted of WeFi’s WFI tokens, while tracked USDT reserves had fallen to roughly $91,000.
BitMart acknowledged that withdrawals may take longer than usual, saying certain transactions could require additional compliance and security reviews before being processed.
Former CEO distances himself
Former BitMart CEO Nenter Chow said on X that he was informed on Friday that his employment had been terminated and that he no longer had any role in managing the company.
Chow added that he was not consulted about the decision to close the exchange and only learned about the shutdown after BitMart released its public announcement.
BitMart did not immediately respond to requests for additional comment.
Name confusion spreads across social media
The announcement also triggered confusion among crypto users because of the similarity between BitMart’s BMX token and BitMEX, whose token is BMEX.
Some users mistakenly associated BMX’s sharp decline with BitMEX’s previously announced shutdown plans. Others incorrectly cited a September 30 closure date, even though BitMEX had announced it would cease operations on Sept. 23.
While BMEX also experienced a steep decline following BitMEX’s announcement, it remains unclear whether the widespread confusion between the two exchanges contributed to additional selling pressure on BMX.
