- BitMart will end trading on Aug. 26 and fully shut down by Jan. 31, 2027.
- Users are urged to close positions and withdraw assets as early as possible.
- BitMart cited market conditions and strategic direction for the wind-down.
Within days of BitMEX announcing it would shut down operations following a strategic review, BitMart has now confirmed that it will also wind down its trading platform.
The two announcements come during a weaker market cycle, with lower trading activity, tighter competition among exchanges, and cautious investor sentiment. Market participants are now wondering if the industry was indeed a bubble.
However, the closures alone do not prove the industry is in a bubble, but highlight how difficult it has become for smaller and mid-sized centralized exchanges to compete as liquidity concentrates on a handful of dominant platforms.
Meanwhile, BitMart said it has decided to begin an “orderly wind-down” after reviewing its operating conditions, market environment, and future strategic direction.
Trading Services to End in Stages
BitMart said new user registrations, deposits, and new trading orders began to be suspended from July 26, 2026, at 01:30 UTC.
From the same time, futures accounts entered reduce-only mode, preventing users from opening new positions. Spot trading stopped accepting new orders, while copy trading, grid trading, API trading, and other automated trading services will be phased out. Open orders must either be canceled by users or will be removed by the system.
The exchange will discontinue all spot, futures, and other trading services on August 26, 2026, at 01:00 UTC. Any remaining futures positions may be settled by the platform using the applicable mark price, index price, or settlement rules in effect at the time.
BitMart Earn, staking, lending, Launchpad, and other investment products will also be discontinued in phases according to separate product schedules.
The company plans to officially cease platform operations on January 31, 2027, at 15:59 UTC. Users will still be able to access their accounts for a limited period afterward to review records and request withdrawals.
Users Urged to Withdraw Assets Early
BitMart said withdrawal services will remain available throughout the wind-down process.
The exchange urged customers to complete identity verification, close all trading positions before August 26, redeem assets from staking and lending products, download account records, and submit withdrawal requests as early as possible.
The company also warned that withdrawals could face additional compliance checks, including KYC verification, login device and IP reviews, blockchain risk analysis, source-of-funds verification, Travel Rule compliance, sanctions screening, and requests for supporting documents where necessary.
BitMart cautioned users against scammers claiming to offer priority withdrawals or expedited processing. It said it will never request passwords, private keys, recovery phrases, or fees through Telegram, WhatsApp, WeChat, or private social media accounts.
Closure Follows Years of Operational Challenges
The shutdown follows several years of operational and regulatory challenges for the exchange.
BitMart was hit by one of crypto’s largest exchange hacks in December 2021, when attackers compromised two hot wallets on Ethereum and BNB Chain. Estimates of the stolen assets ranged from roughly $196 million to more than $225 million, depending on the blockchain analysis firm.
Founder Sheldon Xia said the company would compensate affected users, although some customers later reported lengthy delays and unresolved claims.
The exchange also became the subject of an FTC civil investigation in 2022 examining issues including security practices, customer service, account access, marketing claims, and token listings.
Related: Here Are the Reasons Why BitMEX Is Shutting Down Operations
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
