BitMart shutdown makes it the second crypto exchange closure in three days

BitMart shutdown plans will end trading on the cryptocurrency exchange on Aug. 26 and close the platform’s operations on Jan. 31 next year, the company said Sunday. The decision makes BitMart the second crypto exchange in three days to announce a wind-down, adding to a run of closures affecting digital-asset service providers.

BitMart said in a post on X that it would begin an orderly cessation of its trading platform after reviewing its operating conditions, the market environment and its future strategic direction. The company said new registrations, deposits and trading orders would start being suspended Sunday morning.

The exchange said in a website notice that withdrawals would remain available and urged customers to close positions, complete know-your-customer checks where required and remove assets as soon as possible. BitMart said it had served users across countries and regions since its establishment and thanked users, partners and staff for their support.

When will BitMart shut down?

BitMart said trading services will stop on Aug. 26, while the platform’s operations are scheduled to end officially on Jan. 31 next year. The company said the wind-down would begin with restrictions on new account registrations, deposits and new trading orders.

An orderly wind-down is a managed closure in which a platform stops taking new business, limits activity and gives customers time to settle positions and withdraw assets. For an exchange, that process can affect liquidity on the platform because users are expected to close trades rather than open new ones.

BitMart also said withdrawal requests may be subject to additional checks. The company listed possible reviews including identity verification, device and IP checks, screening of withdrawal addresses, source-of-funds questions and sanctions checks.

CoinDesk reported that the withdrawal terms may create more friction than in a typical exchange closure. BitMart’s notice did not say that withdrawals would be halted, but the additional review steps mean some requests could require more information before processing.

Which other crypto firms have announced closures?

The announcement followed BitMex’s decision three days earlier to stop taking new registrations as it prepares to wind down, according to PYMNTS. BitMex launched in 2014, while BitMart had been operating for nine years.

Another digital-asset business, cryptocurrency wallet SecondFI, also said last week that it would shut down after an attack that stole $2.4 million from users, according to PYMNTS. The incidents differ in cause, with BitMart citing operating and strategic considerations and SecondFI citing the theft, but they have placed renewed attention on operational risk across crypto services.

PYMNTS Intelligence research published last week separately found that stablecoin awareness remains limited among 70% of credit union members. PYMNTS wrote that financial institutions should help customers understand the financial claim, operating process and risk involved when they consider digital assets, whether the use case is bitcoin, stablecoins or tokenized Treasury products.

This story draws on original reporting from PYMNTS.