BitMart announced the closure of its platform after nine years of operation, stopping new registrations and deposits on July 26 at 01:30 UTC, with trading services set to end on August 26 and a full cessation of operations on January 31, 2027. Users and projects report difficulties withdrawing their funds, while on-chain data shows that BitMart had already transferred a significant portion of its ETH and stablecoin reserves before announcing the shutdown. The exchange stated that withdrawals would undergo manual reviews including KYC checks, wallet address verification and compliance controls, without specifying a maximum processing timeline. Paxi Network publicly called on BitMart to immediately release user funds, in a context that echoes the spectacular platform failures of 2022, particularly FTX, Celsius and Voyager.
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