BitMart has announced it will halt all trading activities from 01:00 UTC on August 26, ceasing new registrations, deposits, and orders as part of winding down its platform. The full platform shutdown is scheduled for January 31, 2027, but users are urged to close positions and withdraw funds much sooner, by August 26.
Futures accounts have already switched to reduce-only mode, while staking, lending, and other services are being phased out gradually. Despite a report earlier this year showing a 256% increase in assets under management compared to the previous period and plans to expand its tokenized assets and market presence, the exchange has made this decision after reviewing its operating environment.
Complicating matters, BitMart’s Global CEO Nenter Chow revealed on X that he was terminated without prior warning on July 24 and only discovered the company’s wind-down through public announcements. He no longer holds any management role and advised users to rely on official information and act quickly.
The exchange’s native token BMX has crashed over 80% since Friday, trading near $0.054. BitMart’s troubles include a $150 million hot-wallet hack in December 2021, casting a long shadow over its reputation.
This move coincides with BitMEX’s recent confirmation of its own closure set for September 23, showing a rare simultaneous exit from major crypto trading platforms.
