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FollowingBitMart announced a global shutdown schedule and will be fully closed in January 2027.
BitMart will stop all global trading services on August 26 and completely terminate operations in January 2027. Users need to close positions in advance and apply for cash withdrawals, and compliance review may lead to delays in asset processing. BMX tokens fell 58.5% to approximately $0.1285 in seven days, with most token activity still concentrated in the BitMart market.
The outage is in sharp contrast to BitMart's growth signal in July, after the platform has introduced multiple product and regional restrictions. After evaluating operating conditions, market environment and strategic direction, BitMart developed a global outage schedule. The decision came on the heels of multiple service restrictions and only days after the platform announced its withdrawal from the market.
Important Notice
After careful evaluation of the company's operating conditions, market environment and future strategic direction, BitMart made a difficult decision and began to orderly reduce its trading platform operations. We deeply regret this...
Phased Closure Rules
As part of the phased closure, the platform has restricted new user registrations, top-ups, spot orders and the opening of new futures positions at 01:30 UTC on July 26. The cash withdrawal feature is still available, but growing demand and stricter compliance reviews have put more pressure on users who want to move assets before trading services stop.
Withdrawal deadline tightened, compliance review scope expanded
Futures accounts are now only allowed to reduce positions. Users can close existing positions, but cannot open new positions. At the same time, documentary transactions, grid transactions, automated interfaces and other supporting services also ceased operations according to the shutdown plan.
The next important deadline is August 26 at 01:00 UTC, when all spot, futures and related trading services will be suspended. After that, the platform is expected to maintain limited operations until 15:59 UTC on January 31, 2027.
To reduce potential delays, users are advised to close their positions before the August deadline, and users are encouraged to submit withdrawal requests before 05:00 UTC on August 26. However, withdrawal requests may require verification of identity, sanctions list, source of funds and wallet ownership before assets are released. As a result, network congestion, high demand and additional compliance processes can lead to extended processing times.
Users who miss the suggested withdrawal window will enter a separate processing process. However, the platform has not disclosed how the process will work or how long it will take.
Multiple restrictions were in place before the global shutdown
Prior to the global shutdown, the platform had implemented multiple restrictions on specific products and customer groups. On July 23, users related to the United States were instructed to close their positions and withdraw assets before August 8. A day later, the platform suspended its automated market-making robot. A subsequent announcement on July 25 to stop spot margin trading paved the way for a broader shutdown plan.
BitMart prepares to exit, BMX liquidity weakens
At the same time, BMX took a heavy hit before and after the announcement, falling to about $0.1285, according to CoinGecko data. The token fell 12.7% in 24 hours and 58.5% in seven days. Its market value fell to nearly $44 million, and its price is still down about 79% from the high of $0.619 set in June 2024. Early reports also showed that BMX briefly plunged more than 60% as some users expressed concerns about withdrawal delays.
Liquidity risk has become more prominent given that most BMX activity is still concentrated in the platform's own market. As these services disappear, the token will lose multiple important internal price discovery and order execution channels.
This shutdown is also in sharp contrast to the company's semi-annual report released on July 20. At the time, BitMart said it supported more than 1900 spot assets and added 492 new perpetual contract trading pairs. The report also showed that its assets under management increased by 256% month-on-month. In addition, CEO Nathan Chow said the eight-year-old company plans to operate for another eight years.
However, less than a week later, the platform entered the official shutdown schedule. The rapid reversal highlights the widening gap between its recent expansion announcements and its decision to stop operations.
BitMart also faced major challenges before announcing the shutdown. In December 2021, the leak of the private key damaged two hot wallets, and the attacker stole approximately $196 million worth of cryptocurrency. After the security incident, the platform promised to compensate affected users and subsequently completed a round of financing that valued the company at more than $300 million.
The outage marks the end of a period characterized by expansion, safety losses, product restrictions and rising pressure to withdraw cash. This has also made BMX's liquidity the focus of attention surrounding the platform's eventual exit from the market.
