BitMart Crypto Exchange Announces Abrupt Shutdown, CEO Reveals Prior Dismissal and Ignorance of Decision

The cryptocurrency world has been rocked by another seismic announcement: BitMart, a prominent exchange boasting millions of users, has declared its imminent shutdown. The platform is set to gradually cease operations, with all trading services slated to halt by August 26, 2024. Even more astonishingly, BitMart’s global CEO claims he was only informed of the closure after the public announcement, asserting he had been dismissed by the company days prior and was entirely unaware of the decision to shutter the platform.

In an official notice issued Saturday evening ET, BitMart cited a comprehensive evaluation of its operational status, prevailing market conditions, and future strategic direction as the basis for terminating its trading platform business. Consequently, new user registrations, deposits, and order placements are being progressively suspended, effective immediately.

BitMart detailed that all spot, futures, and other trading functionalities will officially conclude at 1:00 AM UTC on August 26, 2024. The platform will then fully discontinue all operations by January 31, 2027. Post-closure, users will retain temporary access to their accounts to review historical transaction records and initiate asset withdrawal requests.

Urgent User Action Required as Platform Token Plunges 60%

BitMart has strongly urged users to finalize all open position closures before 1:00 AM UTC on August 26, and to submit all withdrawal requests by 5:00 AM UTC on the same day. Failure to meet this deadline will trigger an alternative processing procedure, which may necessitate additional identity verification, source of funds reviews, sanctions screening, and security assessments for certain withdrawal cases.

As the countdown to closure intensifies, BitMart has already transitioned futures accounts to a “reduce-only” mode, permitting only the closure of existing positions while prohibiting the creation of new ones. New spot orders are no longer being accepted. Furthermore, a range of services including copy trading, grid trading, and API trading will be phased out. Financial products such as Earn, staking, lending, and the Launchpad new coin issuance platform are also scheduled for gradual termination.

The news sent shockwaves through the market, causing BitMart’s native platform token, BMX, to plummet by nearly 60% in a single day, trading at approximately $0.057 at the time of this report.

CEO’s Startling Revelation: Dismissed and Unaware

Amidst the widespread panic triggered by the official announcement, BitMart Global CEO Nenter (Nathan) Chow took to X (formerly Twitter) to reveal a stunning turn of events. He stated that he was informed of his dismissal on July 24 and immediately began the offboarding process. Chow emphasized that since that date, he had “played no role” in the company’s management or decision-making and was not consulted regarding the closure. He, too, learned of the platform’s fate only after the public disclosure.

Chow further indicated that the company has yet to confirm his official departure date, hence his decision to refrain from further public comments on the matter. His primary concern, he asserted, remains with BitMart’s users and employees. He reiterated the importance of all customers promptly processing their accounts and withdrawing assets in strict accordance with BitMart’s official guidance, stressing that all information should be sourced directly from the platform’s official communications.

Nenter Chow, formerly a partner at Animoca Ventures, assumed the role of BitMart’s global CEO in April 2025, with founder Sheldon Xia transitioning to Group President.

From Ambitious Expansion to Abrupt Retreat

The sudden announcement of BitMart’s cessation of operations has left the market reeling, especially given the exchange’s highly optimistic projections just weeks prior. Earlier this month, BitMart had published its H1 2026 performance report, touting a remarkable 256% year-on-year increase in Assets Under Management (AUM). At the time, Nenter Chow himself had outlined an ambitious vision for expanding into prediction markets, asset tokenization, and bolstering global regulatory compliance.

In that report, Chow had confidently written, “BitMart is celebrating its 8th anniversary this year, and we are fully preparing for the next 8 years, actively building for it.”

Adding to the irony, merely a month ago, BitMart proudly announced securing an Australian Financial Services License (AFSL), pledging to expand its local compliance and operational teams. The exchange then claimed a global user base exceeding 13 million across more than 180 countries.

Industry Veterans Reflect on “Tough Times”

While the closure appears sudden, subtle warning signs had emerged. In late May, rumors circulated online about users experiencing difficulties with withdrawals. BitMart addressed these concerns by attributing them to risk control systems flagging 239 accounts for suspected malicious subsidy farming, assuring users that operations were normal.

At that time, BitMart pledged to release a comprehensive “Proof of Reserves” (PoR) report once security and risk control issues were resolved. However, as of Sunday, a complete report remains absent from its official website, with only partial hot wallet addresses disclosed. This isn’t the exchange’s first major setback; in December 2021, BitMart suffered a significant hack, resulting in losses estimated at $150 million.

Notably, BitMart’s announcement follows closely on the heels of another established exchange, BitMEX, which declared just three days prior that it would close its platform by September 23 due to strategic considerations.

Reacting to the successive closures plaguing the industry, Binance founder Changpeng Zhao (CZ) lamented on X, “It’s another tough period.” However, he offered a measured perspective, suggesting that BitMart’s current exit strategy appears relatively orderly and urged the market to remain calm.