Two down, who's next? BitMart joins BitMEX in the great crypto exchange exit 🪦

Cryptocurrency exchange BitMart will wind down its trading platform after nine years, halting all trading on Aug. 26 and ceasing operations entirely on Jan. 31, 2027. The platform stopped accepting new registrations, deposits and new trading orders from 01:30 UTC on Sunday, with futures accounts moving to reduce-only mode and spot markets no longer accepting new orders. BitMart's announcement comes two days after perpetuals trading platform BitMEX said it would shut down after 11 years, marking the second major exchange closure of the week.

The company attributed the decision to its "operating conditions, market environment, and future strategic direction," without specifying which factor drove the shutdown. In its wind-down notice, BitMart said some withdrawal requests could be subject to additional compliance and security reviews that could extend processing times, urging users to complete identity checks, close positions and submit withdrawal requests before the August cutoff. Withdrawals will remain open throughout the wind-down period.

BitMart's native token, BMX, fell roughly 58% in the 24 hours after the announcement, dropping to about 8 cents and trimming its market capitalization to approximately $27 million. The token was already down about 70% over the past year, so Sunday's drop extended a long slide rather than starting one. Several users on X reported that withdrawals were taking longer than usual, with some claiming that USDt (USDT) withdrawal requests remained pending for hours. Arkham data showed wallets attributed to BitMart held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6, with about $41.5 million of that held in WeFi's WFI tokens and roughly $91,000 in USDT.

The exchange had recently reported about $1.6 billion in 24-hour trading volume, up 51% from the prior period. Former CEO Nenter Chow said in an X post on Sunday that he was informed Friday his employment was being terminated and that he was no longer involved in BitMart's management or decision-making, adding that he was not consulted about the shutdown and only learned of it after the announcement was published. BitMart did not respond to media requests for additional comment, and some users on X appeared to confuse BitMart and its BMX token with BitMEX and its BMEX token during the price move.