“After a careful evaluation of the company’s operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations,” the firm said in a post on X Sunday (July 26). “We deeply regret having to make this decision.”
BitMart said it would begin suspending new registrations, deposits and trading orders Sunday morning. Trading services will be discontinued Aug. 26, with the platform’s operations officially ending on Jan. 31 of next year.
“Since its establishment, BitMart has been privileged to serve users from countries and regions around the world,” the company added in an announcement on its website. “We sincerely thank every user, partner, and team member for your trust and support over the years.”
Withdrawal services will remain available. Bitmart said, encouraging users to close positions, complete know-your-customer measures if necessary and withdraw assets as soon as possible. It also noted that requests could face further review: identity verification, device and IP checks, withdrawal-address screening, source-of-funds queries and sanctions checks.
A report on the closure by CoinDesk noted that these withdrawal terms bring with them more friction than a normal shutdown.
The announcement comes three days after another crypto exchange, BitMex, said it had stopped accepting new registrations as it prepares to wind down.
Also last week, cryptocurrency wallet SecondFI said it would shut down, following an attack that stole $2.4 million from its users.
Both BitMex and BitMart had been in business for several years. BitMart is a 9-year-old company, while BitMex launched in 2014.
In other crypto news, recent PYMNTS Intelligence research finds that stablecoin awareness falls short for 70% of credit union members.
“A retiree considering a tokenized Treasury fund needs a different explanation from a manufacturer using stablecoins to pay an overseas supplier,” PYMNTS wrote last week.
“A customer asking how to purchase bitcoin is making a different decision from one asking whether a digital dollar payment can settle over a weekend. The institution’s job is not to persuade all three customers to adopt the technology. It is to help each understand the financial claim, operational process and risk involved.”
