BitMart, one of the cryptocurrency exchanges with nearly a decade of operation, announced it will cease all trading activities starting August 26, with the platform completely shutting down by January 31, 2027. The exchange’s decision sent its native token BMX tumbling almost 70% immediately after the announcement.

The company halted new registrations, deposits, and trading orders at 01:30 UTC on Sunday. also futures accounts were restricted to reduce-only mode, and spot markets no longer take new orders. BitMart cited difficulties related to its operating environment, market conditions, and strategic direction as the reasons for winding down, but did not provide specific details.

Withdrawal Complaints and Asset Status

Users voiced frustration over withdrawal delays on social media platform X, reporting that some USDT withdrawal requests remained pending for hours. BitMart’s statement warned that withdrawals might undergo extended compliance checks, including identity verification, device and IP confirmation, withdrawal address screening, and source-of-funds inquiries.

According to blockchain data from Arkham, wallets associated with BitMart held about $71 million in crypto assets as of Sunday, down from $102 million earlier this month. A notable portion, around $41.5 million, was in WeFi’s WFI tokens, while USDT holdings were minimal at roughly $91,000.

Following the closure news, BMX dropped from around $0.31 on Friday to approximately $0.09 on Sunday, cutting its market capitalization to about $27 million. BMX had already declined roughly 70% over the past year.

This shutdown aligns with a series of exchange closures this week, including BitMEX ending its 11-year run and Dango announcing its closure. BitMEX’s native token BMEX also plunged 90% after its shutdown news, leading to some confusion between the two tokens due to similar names and timing.

Despite announcing this closure, BitMart reported a 24-hour trading volume of about $1.6 billion, representing a 51% increase, with Bitcoin trades accounting for nearly half. This surge likely reflects users quickly closing out their positions on the platform.