BitMart to Halt All Trading by August, Shutting Down After Nine Years
BitMart to Halt All Trading by August, Shutting Down After Nine Years #
Cryptocurrency exchange BitMart announced on Saturday that it will wind down its trading platform after nine years of operation.
In a notice published late on July 26, the exchange said it had made “the difficult decision to commence an orderly wind-down of its trading platform operations” following a review of its operating conditions, market environment, and future strategic direction. No specific financial or regulatory reasons were cited. New user registrations, deposits, and new trading orders were suspended on the same day.
BitMart has set August 26 as the deadline for halting all spot, futures, and other trading services, with full platform operations ceasing on January 31, 2027. The exchange said withdrawals would remain available through the shutdown period, though it warned users to expect potential delays as requests undergo enhanced security and identity verification checks.
BitMart’s native BMX token fell roughly 58% within 24 hours of the announcement, extending what CoinDesk described as a yearlong slide of approximately 70%.
BitMart’s Global CEO Nenter “Nathan” Chow publicly stated that he played no role in the decision. Chow disclosed that he was informed his employment was being terminated on July 24, two days before the announcement, and that he was not consulted on the wind-down plan, learning of it only when it became public. Chow had been appointed Global CEO in April 2025 when founder Sheldon Xia stepped into the role of Group President.
Founded in 2017 by Sheldon Xia, BitMart grew to serve more than nine million users across over 180 countries, according to CoinMarketCap data. Weeks before the shutdown, the exchange had reported roughly 256% growth in assets under management in its asset-management business.
The closure follows that of crypto perpetuals exchange BitMEX, which recently announced it would permanently shut down on September 23 after an eleven-year run. Smaller and mid-tier exchanges have faced pressure from tightening regulatory requirements, rising compliance costs, and competition from larger platforms.
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