BitMart will shut down its cryptocurrency exchange, ending all trading services on August 26, and then completely ceasing operations on January 31, 2027.

“After carefully assessing the Company’s operating conditions, market environment and future strategic direction, BitMart has made the difficult decision to initiate an orderly wind-down of its trading platform business,” the statement read. he said in Sunday’s announcement.

As part of the shutdown plan, BitMart has stopped accepting modern user registrations and deposits, while futures trading has gone into reduction-only mode and spot markets are no longer accepting modern orders.

BitMart joins a growing list of cryptocurrency trading platforms that have announced plans to shut down in recent months. These include BitMEX and Dango, which said this week they would shut down their trading platforms.

Related: Following BitMEX’s exit, analysts warn that cryptocurrency consolidation is accelerating

BMX is drowning in withdrawal complaints

BitMart’s native token, BMX, has lost almost 70% of its value, with users reporting delayed withdrawals from the exchange.

At the time of writing, BMX was trading at around $0.09464, down almost 70% from around $0.31 overdue Friday. On Saturday, the token fell to $0.1058 before extending its losses.

BMX resumes losses after Saturday’s brief recovery, falling below $0.10. Source: CoinGecko

Several X users reported that withdrawals were taking longer than usual, with some reporting that Tether USDt (USDT) withdrawal requests remained pending for hours.

Arkham data showed wallets assigned to BitMart held about $71 million in crypto assets on Sunday, up from about $102 million on July 6. About $41.5 million was in stablecoin banking platform WeFi’s WFI tokens, while tracked wallets held about $91,000 in USDT.

BitMart USDT balance over the last month. source: Arkham

In its closure announcement, BitMart stated that some withdrawal requests may be subject to additional compliance and security checks, which could potentially boost processing times.

BitMart did not respond to Cointelegraph’s request for comment ahead of publication.

Related: BitMEX filed a lawsuit for 623 BTC on the day the closure was announced

BMX? BMEX? BitMEX?

Some X users seemed to be confusing BitMart and its BMX token with BitMEX.

On Saturday, a user speculations about its cause.

“Yesterday the whole internet was saying it would be shut down on September 30. Did you just wake up?” another user X he repliedby machine translation.

The September 30 reference did not align with BitMEX’s September 23 closing date announced on Thursday. BitMEX’s own token, BMEX, dropped by 90% shortly after the announcement.

Several other users from the Mandarin-speaking community do as well mixed up BMX with BitMEX.

It was not immediately clear whether the confusion had any impact on BMX trading.

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