In June 2026, another crypto exchange announced its departure from the market. This time it’s BitMart. We break down what’s behind the closure.
Centralized crypto exchange (CEX) BitMart has initiated a phased shutdown. The platform will fully cease operations on January 31, 2027.
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Since July 26, the exchange has stopped accepting new registrations, deposits, and trade orders. Trading will be fully halted on August 26.
The native BMX token crashed on the news. At the time of publication, the 24-hour drop was nearly 30%, with a 7-day decline of 81%.
Contents
Why BitMart Is Closing and How the Process Will Work
The company didn’t give a specific reason, citing “operational conditions, market environment, and future strategic direction.” The exchange published a shutdown timeline:
- July 26: registrations and deposits halted
- August 26: all spot, futures, and other trading to cease
- January 31, 2027: official platform closure
Futures accounts have been switched to reduce-only mode. Copy Trading, Grid Trading, API Trading, and other automated services will be gradually disabled.
BitMart warned that withdrawal requests may undergo extended checks: identity verification, device and IP checks, source of funds requests, and sanctions screening. Processing times may increase if request volumes surge. The exchange also warned users about scammers who may exploit the situation.
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Withdrawal Slowdown and Community Reaction
After the shutdown announcement, withdrawals slowed. According to Lookonchain, only 58 crypto wallets withdrew about $805,000 in 24 hours. Over an eight-hour tracked period, the exchange processed no requests.
Users on X are complaining about withdrawal difficulties. One said he received a confirmation email for a USDT withdrawal, but the transaction wasn’t processed, and his account showed an “on-chain withdrawal freeze.” Another said a test withdrawal of $30 had been pending for more than 30 minutes. BitMart had warned that requests could undergo additional checks.
BitMart was founded in 2017 by Sheldon Xia and opened to users in March 2018. In December 2021, the exchange lost about $196 million in a hot wallet hack but compensated clients. Daily trading volume was about $1.6 billion, with nearly half coming from bitcoin trades.
Earlier this month, BitMEX announced it would close after 11 years. Both exchanges cited strategic business reviews and industry changes.
Learn more: Why BitMEX Is Shutting Down — Top 3 Fatal Mistakes That Destroyed a Crypto Giant
