Overview
- BitMart said it will start an orderly wind‑down and stopped new registrations, deposits, and orders after 01:30 UTC on Sunday, setting August 26 as the last day for spot and derivatives trading and January 31, 2027 for a full platform shutdown.
- Withdrawals remain available but the company warned that identity verification, device and IP checks, sanctions screening, and source‑of‑funds reviews could slow processing as users seek to move assets off the site.
- The exchange’s native BMX token collapsed, losing roughly 70–81 percent over the prior week and cutting its market value to under $20 million, while on‑chain analytics show BitMart‑linked wallets fell from about $102 million on July 6 to roughly $71 million after the notice.
- Some users and projects reported delayed or stuck withdrawal requests in the days after the announcement, and former CEO Nenter Chow said he was fired and not consulted about the closure.
- The shutdown follows BitMEX’s recent closure notice and revives concerns about custody, liquidity and legal risk for mid‑tier centralized venues given BitMart’s 2021 hot‑wallet breach and growing regulatory and litigation scrutiny.