BitMart Halts Trading, Plans Full Shutdown by Early 2027

BitMart has announced it will wind down its operations and cease trading by August 26. The exchange stated that after careful evaluation, they made the decision to shut down their trading platform. Under the shutdown plan, BitMart has stopped accepting new user registrations and deposits, while futures trading is in reduce-only mode and spot markets no longer accept new orders.

The company's native token, BMX, lost nearly 70% of its value after the announcement. Users reported delayed withdrawals from the exchange, with some claiming Tether USDt (USDT) withdrawal requests remained pending for hours. The exchange held about $71 million in crypto assets on Sunday, down from roughly $102 million on July 6.

Former CEO Nenter Chow stated he was informed his employment was being terminated and was no longer involved in BitMart's management or decision-making. He said he was not consulted about the shutdown decision and only learned of it after the company published the announcement.