Key facts
- Crypto exchange BitMart will cease operations by January 31, 2027.
- Trading services are scheduled to end on August 26.
- BitMart has stopped new registrations and deposits and halted new orders on spot markets.
- Users are reporting withdrawal delays and difficulties.
- BitMart's native token, BMX, has experienced a significant price drop.
- The exchange's wallets held approximately $69 million in crypto assets.
Cryptocurrency exchange BitMart has announced it will cease operations by January 31, 2027, citing challenging operating conditions and market environment. Trading services are set to end on August 26, with the platform already halting new registrations, deposits, and new spot orders. Users have reported difficulties and delays in withdrawing funds, with some receiving notifications of "on-chain withdrawal freeze" despite transactions not being processed. The exchange's native token, BMX, has seen a sharp decline, falling approximately 81.5% over the past week. Wallets attributed to BitMart held around $69 million in crypto assets as of Monday, down from previous levels. Binance co-founder Changpeng Zhao noted that acquiring centralized exchanges is complex due to potential inherited security vulnerabilities.