BitMart exchange shuts down after nine years, sparking withdrawal delays

BitMart announced on July 26 that it will wind down its cryptocurrency exchange after nine years of operation. The platform halted new registrations, deposits and orders at 01:30 UTC on that day. Spot and futures trading will cease on August 26, and the service will be formally closed on January 31, 2027, although withdrawals remain available until then.

The shutdown follows BitMEX’s closure just days earlier and reflects a broader consolidation in the crypto‑exchange sector. BitMart’s native token BMX fell about 81% to US $0.057, cutting its market value to roughly US $19.6 million. The exchange previously covered a US $196 million loss from a 2021 hot‑wallet hack. Users have reported delays withdrawing funds as large ETH and stablecoin balances were transferred out of BitMart wallets in the days before the announcement, prompting on‑chain analysis firms such as Nansen and Lookonchain to flag reduced liquidity.

Despite the abrupt exit, BitMart cited an assessment of its operating conditions, market environment and strategic direction as the reason for the decision, without pinpointing a specific regulatory or financial trigger. Earlier in the week the firm secured an Australian Financial Services License and reported a 256% increase in assets under management for its asset‑management arm.