Cryptocurrency exchange BitMart will wind down its platform, terminating all trading services on Aug. 26 and ceasing operations entirely on Jan. 31, 2027. The decision follows a review of operating conditions, market conditions and strategic direction. New user registrations and deposits have already been halted. Futures trading is restricted to reduce-only mode and spot markets no longer accept new orders.

The exchange’s native BMX token declined nearly 70 percent, trading near 0.095 dollars after standing around 0.31 dollars late Friday. It briefly fell as low as 0.106 dollars early Saturday before resuming losses. Users reported extended delays in processing withdrawals, including USDT requests that remained pending for hours. BitMart stated that some withdrawal requests may undergo additional compliance and security reviews that could lengthen processing times.

Wallets linked to the exchange held about 71 million dollars in crypto assets on Sunday, down from roughly 102 million dollars on July 6. The largest portion consisted of approximately 41.5 million dollars in WFI tokens, with only about 91000 dollars in USDT.

Former chief executive Nenter Chow stated that he was informed on Friday of his termination and is no longer involved in management or decision-making. He said he was not consulted on the shutdown and learned of it only after the public announcement.

BitMart joins other platforms that have recently disclosed closure plans, including BitMEX and Dango.