The cryptocurrency market continues to lose several historic platforms. In the space of a few months, Bit.com then BitMEX announced their gradual disappearance. Now, BitMart in turn confirms the cessation of its activities according to a precise timetable. This new closure directly concerns users of the exchange, who are invited to close their positions and withdraw their assets before the various deadlines set by the platform. This succession of announcements marks a new phase for several players in the sector.
In brief
- BitMart announces a gradual closure of its platform until January 31, 2027.
- BitMEX will permanently cease operations on September 23 after eleven years of existence.
- Bit.com had already initiated its closure plan several months earlier.
- All three platforms ask their users to quickly withdraw their assets.
- The unexpected departure of BitMart’s CEO comes the day after the announcement of the closure.
BitMart becomes the third exchange to announce its closure
The crypto exchange BitMart has formalized the gradual closure of its trading activities in a press release published Saturday. The platform explained that this decision results from an assessment of its operating conditions, the market environment and its future strategic direction. No particular event has been put forward to justify this decision, but the company confirms a precise timetable which will extend over several months.
New registrations, deposits and new orders are gradually suspended. All spot and futures trading services and other products will be discontinued as part of the announced closure schedule. BitMart then plans to permanently end operations of its trading platform, while maintaining temporary access to accounts so that users can view their statements and make final withdrawal requests.
Here are the main deadlines announced by BitMart:
- July 26, 2026: official announcement of the gradual closure of BitMart;
- August 26, 2026 at 1 a.m. UTC: Stoppage of trading services and recommended deadline for closing positions;
- August 26, 2026 at 5 a.m. UTC: recommended deadline for submitting withdrawal requests;
- January 31, 2027 at 3:59 p.m. UTC: permanent closure of the platform.
The platform invites its users to respect these different deadlines in order to facilitate the recovery of their assets. Withdrawal requests made after the recommended date will remain possible, but they may be subject to additional controls regarding identity, origin of funds, international sanctions or even security.
At the same time, BitMart is gradually reducing all of its services. Futures accounts are now limited to position reduction operations only. New spot orders are no longer accepted. Copy trading, grid trading, API trading, as well as BitMart Earn, staking, lending and Launchpad products will also disappear according to the announced schedule.
The announcement immediately weighed on the BMX token. This was exchanged, according to the Coingecko dataaround $0.05793 at the time of writing, a drop close to 60% in twenty-four hours. This reaction reflects the immediate impact of the announced closure on investors and the platform’s ecosystem.
CEO departure adds new area of uncertainty
The closure of BitMart is accompanied by an unexpected episode concerning its management. Global CEO Nenter (Nathan) Chow reported on X that his employment contract was terminated on July 24 and his departure was effective immediately.
According to his statements, he no longer participated in the management or decision-making of the company since that date. He also claims to have not been consulted regarding the liquidation of the platform and to have discovered this announcement at the very moment it was made public. He finally specifies that no definitive departure date has been communicated to him.
The executive explains that his main concern now concerns BitMart users and employees. It recommends that customers only follow official communications from the platform and respect the published schedule in order to avoid any difficulties when closing services. At the time of his statement, the company had not yet responded publicly to his comments.
This speech quickly attracted attention, because it came just hours after the official announcement of the closure. Nathan Chow’s statements show that he was no longer involved in the company’s strategic decisions by the time the cessation plan was made public. BitMart has not provided additional details regarding this situation.
BitMEX and Bit.com had already initiated their gradual closure
BitMart’s announcement comes after two other notable industry shutdowns. A few days earlier, BitMEX had confirmed the permanent shutdown of its exchange, scheduled for September 23, 2026, after eleven years of activity. Founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, the platform established itself thanks to the perpetual contract and trading with leverage of up to 100 times, becoming for several years a benchmark in the cryptocurrency derivatives market.
Like BitMart, BitMEX has chosen a gradual closure. New registrations are already suspended and the first restrictions will come into force from August 26. The new positions will then be blocked before the closure of the contracts still open, then the definitive shutdown of the platform on September 23. Users who retain assets beyond this deadline will be charged a maintenance fee of $50 per month, or an annual charge equal to 1% of remaining assets, to encourage rapid withdrawal of funds.
A few months ago, Bit.com had already initiated its own closure schedule. This exchange had presented a structured plan to end on March 31, 2026, with an immediate halt to registrations as of December 27, 2025. Users were asked to withdraw their funds or transfer them to Matrixport, while spot trading ended on January 31, 2026, before restrictions on contract trading were put in place.
Bit.com then reserved a final period dedicated solely to withdrawals. The company also recommended its users to act quickly in order to avoid automatic conversions of certain assets and to remain vigilant against scam attempts that may appear during this closure phase. Like BitMart and BitMEX, the platform had favored a progressive schedule in order to allow customers to recover their assets before the definitive cessation of its services.
The successive announcements from Bit.com, BitMEX and BitMart illustrate a period of transition for several historic platforms in the crypto industry. Each has adopted a progressive closure schedule, with specific deadlines intended to organize the end of its services and the withdrawal of user assets. The coming months will make it possible to monitor the execution of these various closure plans. For the customers concerned, the dates communicated by each exchange now remain the main benchmark in order to carry out the last operations before the definitive shutdown of these platforms.
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