Cryptocurrency exchange BitMart issued an abrupt announcement on July 26, saying it will wind down operations of its trading platform. The official timeline is that spot, futures, and other trading services will cease on August 26. Global CEO Nenter Chow later posted on a community platform, saying that on July 24 the company informed him that his employment relationship would be terminated, and he only learned the news after the stop-operations announcement was made public. The decision was never discussed with or consulted him.
BitMart’s Phase-Out Schedule and User Action Deadlines
BitMart’s official announcement lays out the phase-out schedule and user notices as follows:
Starting 7月26日 at 9:30 AM: stop new user registrations, stop digital asset and fiat deposits, and restrict futures opening positions and new spot orders
Before 8月26日 at 9:00 AM (user deadline): complete KYC identity verification, close trading positions, and redeem earn products
8月26日 at 9:00 AM: stop all spot, futures, and other trading services
Before 8月26日 at 1:00 PM (withdrawal deadline): submit withdrawal requests
January 31, 2027 at 11:59 PM: the platform will officially stop all operations
Requests submitted after the deadline will be moved into a dedicated processing workflow; some withdrawals may take longer to process due to compliance requirements such as KYC, on-chain risk, source of funds, sanctions lists, or Travel Rule.
Global CEO Nathan Chow’s Public Statement
BitMart’s global CEO Nenter (Nathan) Chow said on a community platform that the company notified him on July 24 that his employment relationship would be terminated, and the resignation process was immediately initiated. Since that day, he has not been involved in the company’s management or any decisions.
Chow said he learned that the platform was going to phase out operations only after the stop-operations announcement was made public to the outside world. The decision was never consulted with him, and he has not yet obtained the final termination date.
He emphasized that what he cares about most now is BitMart’s users and employees, and urged customers to follow the official announcements and official channels to manage their assets, completing any necessary actions as soon as possible.
Contradictions Between BitMart’s Exit and Its Recent External Statements
BitMart’s exit news and its recent public claims show a clear contrast. Earlier this year, BitMart marked its 8th anniversary, offering services across more than 180 countries and regions, with over 13 million users. BitMart’s semiannual report released this month still states that the scale of its asset management business grew by about 256% compared with the earlier period. In the report, Chow said BitMart has been in operation for 8 years and “will prepare for the next 8 years.” BitMart previously also announced that it had obtained an Australian financial services license and planned to expand its local presence.
The official announcement did not provide any further details on what key changes occurred in the short time before the July 26 announcement.
FAQ
When will BitMart stop trading, and what is the deadline for users to submit withdrawal requests?
According to BitMart’s official announcement, all spot, futures, and other trading services will stop on August 26, 2026 at 9:00 AM. Users should complete KYC, close positions, and redeem earn products before August 26 at 9:00 AM, and submit withdrawal requests before 1:00 PM on the same day. Requests submitted after the deadline will be moved into a dedicated processing workflow; the platform expects to officially stop all operations on January 31, 2027.
After BitMart announced it would stop operations, how much did the BMX exchange token drop?
According to CoinGecko data, after BitMart announced it would stop operations, the BMX exchange token plunged by nearly 60% at one point in a single day, and the drop over the last 7 days was 81.5%.
Why did BitMart’s global CEO publicly say he was unaware?
Chow said on a community platform that the company notified him on July 24 that his employment relationship would be terminated, and the resignation process was immediately initiated. He learned of the related decision only after the stop-operations announcement was made public; the decision-making process was never consulted with him. As of the time of reporting, BitMart has not publicly responded to Chow’s claims.
