Cryptocurrency exchange BitMart has announced it will permanently shut down its global trading platform after nearly nine years of operation. The company said the decision followed a careful review of its business conditions, market environment, and long-term strategic direction.
The announcement triggered a sharp market reaction, with BitMart's native BMX token falling around 60%, according to CoinGecko.
While trading services are being phased out immediately, the company confirmed that certain account functions-including withdrawals and access to historical records-will remain available during the transition. Full platform operations are scheduled to end on January 31, 2027, at 15:59 UTC.
The announcement comes only days after BitMEX revealed plans to shut down its exchange, marking two major crypto exchange closures within a single week.
Trading Services Are Being Phased Out
BitMart has already begun restricting activity across its platform. Starting July 26, 2026, the exchange stopped accepting new user registrations while also disabling crypto and fiat deposits.
Users are no longer permitted to open new futures or spot trading positions. Existing futures positions may only be reduced or closed, while new spot trading orders are no longer accepted.
The exchange is also discontinuing several automated trading services, including:
- Copy trading
- Grid trading bots
- API trading
- Other automated investment tools
Customers with outstanding orders have been instructed to cancel them before the deadlines. Any remaining orders may be canceled automatically by the exchange.
BitMart also warned that any futures positions left open after the final deadline may be force-closed, with settlement based on the exchange's pricing methodology and applicable market rules.
Users Urged to Withdraw Assets
BitMart is encouraging customers to complete withdrawals as early as possible. Users have been asked to update their account security settings, complete identity verification (KYC), and close all open positions by August 26, 2026.
The company recommended submitting withdrawal requests before 05:00 UTC on August 26 to help avoid delays.
Although the platform will eventually stop operating, users will continue to have temporary access to their accounts after trading ends.
BitMart also noted that withdrawal requests may undergo additional compliance reviews, including checks related to identity verification, device and IP information, destination wallets, blockchain risk analysis, sanctions screening, the Travel Rule, and anti-money laundering requirements.
Customers who fail to withdraw funds within the recommended timeframe will have their requests transferred to a dedicated processing procedure.
CZ Recommends Self-Custody
The announcement attracted attention from Binance founder Changpeng "CZ" Zhao, who commented publicly on the closure.
He encouraged users to consider self-custody if they can securely manage their recovery phrases, while also suggesting Binance and Trust Wallet as alternative options.
BitMart's closure highlights the continued consolidation of the cryptocurrency exchange industry, where increasing regulatory requirements, competitive pressures, and changing market conditions are making it more difficult for smaller and mid-sized trading platforms to remain competitive.
With both BitMart and BitMEX announcing closures within days of each other, the sector continues to undergo significant structural changes as trading activity becomes increasingly concentrated among the largest global exchanges.
