BitMart has decided to end operations of its global cryptocurrency exchange after 9 years.

On July 26 local time, blockchain media outlet Cryptopolitan reported that BitMart’s exchange token, BMX, fell about 60 percent on Sunday shortly after the closure announcement.

BitMart said it decided to wind down its trading platform after reviewing its operating conditions, the market environment and its future strategic direction. The company expressed regret, calling it “a difficult decision.” The platform will fully cease operations at 1559 UTC on Jan. 31, 2027.

Trading has already entered a phased restriction. BitMart blocked new account openings from 0130 UTC on July 26 and began the process of suspending cryptocurrency and cash deposits. Spot trading stopped accepting new orders, and futures trading blocked new position entries. Current futures users can only reduce or liquidate positions.

Automated services will also be wound down. Copy trading, grid bots and API trading have entered the termination process. Users must cancel open orders themselves, and BitMart can cancel them on their behalf if they are not closed. If futures positions remain until the closing deadline, BitMart can forcibly liquidate them under its own pricing system or index price and the settlement rules applicable at the time, and it plans to issue separate notice on detailed criteria.

User withdrawals will not be blocked immediately after the shutdown. BitMart said, “Even after operations are halted, users will be able to log in for a certain period to check their accounts, review past records and request withdrawals.” It added that it will update security features by 0100 UTC on Aug. 26 and required users to complete or renew identity verification procedures and close all cryptocurrency positions. It recommended making withdrawals by 0500 UTC the same day.

Withdrawal screening could become more stringent. BitMart explained it may check account ownership verification, stored know-your-customer (KYC) documents, the device and IP address used for login, the receiving wallet, the source of funds and transaction history. It may also conduct reviews related to blockchain risk, sanctions rules, the travel rule and other legal requirements. The company said users who do not complete withdrawals by the recommended deadline will be transferred to a separate handling process.

The market reaction was immediate. The sharp drop in BMX showed that the exchange shutdown directly hit the value of the in-house token and trust in the platform. The move has left BitMart users in a situation where they must speed up position closures and asset transfer schedules in the short term.

In this situation, Binance founder Changpeng Zhao (CZ) said, “It appears to be wrapping up in an orderly manner so users can withdraw their assets.” He mentioned self-custody or using major exchanges as alternatives for users, and his remarks also included recommending Trust Wallet and Binance together.

BitMart’s shutdown follows BitMEX ending operations after 11 years. With two major cryptocurrency trading platforms closing in just four days, user protection at exchanges and asset transfer procedures are again emerging as key market issues.

Important Notice After a careful evaluation of the Company's operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations. We deeply regret having to make… pic.twitter.com/KX3zczIrAh