BitMart says it's shutting down — what to do when a crypto exchange winds down

BitMart, a crypto exchange that has operated for nine years, said on Sunday it will wind down and stop all trading on Aug. 26, with the platform fully closing on Jan. 31, 2027. It has already halted new sign-ups, deposits and new orders, and its own token, BMX, fell sharply on the news. Withdrawals remain open, but the company warned they may take longer than usual — which is the part that matters most if you keep money there.

BitMart gave only a vague reason, citing its “operating conditions, market environment, and future strategic direction.” It is the second exchange to announce a shutdown in the same week, after BitMEX said Thursday it would close after 11 years.

The exchange's own token, BMX, dropped roughly 58% in a day to around 8 cents, deepening a decline of about 70% over the past year. Several users said withdrawals were slow, with some Tether (USDT) requests pending for hours. Blockchain tracker Arkham showed wallets linked to BitMart holding about $71 million on Sunday, down from roughly $102 million earlier in July.

BitMart said some withdrawals could face extra checks — identity verification, device and IP screening, address and source-of-funds review, and sanctions checks — and that processing could stretch if many people rush to leave at once. If you hold anything on an exchange that has announced it is closing, the safest move is usually to complete any required verification and withdraw early rather than waiting until the final days.

One more beginner trap: because both BitMart's BMX and BitMEX's BMEX were falling at the same time, some traders confused the two. When news like this breaks, check the exact exchange name, the official announcement, and the official withdrawal page before acting — and be wary of a collapsing exchange token, which is not a “discount” but a sign of an exit. This is information, not investment advice; move funds only through the platform's official channels.