The shutdown of cryptocurrency exchanges is not a new trend in 2026, when BitMart declared an organized closure on July 26, and BitMEX made plans to close its exchange on September 23.
Neither announcement was presented as a bankruptcy filing. Instead, both exchanges outlined procedures allowing customers to close positions and withdraw assets before or after their respective trading shutdowns.
BitMart has set August 26 as the main trading deadline, while BitMEX has scheduled its closure for September 23. The announcements have also provided different timelines for trading, withdrawals, account access, and the discontinuation of other services.
BitMart Sets August 26 Trading Deadline
BitMart announced on July 26 that it would wind down its exchange after reviewing its operating conditions, market environment, and future strategic direction. The exchange stopped accepting new registrations and began suspending deposits and new trading activity on the same day.
Futures accounts moved toward reduce-only mode, while spot trading stopped accepting new orders. Several automated services were also discontinued. BitMart plans to stop spot, futures, and other trading services at 01:00 UTC on August 26, 2026.
The exchange has advised users to complete identity verification, close positions and submit withdrawal requests before 05:00 UTC on August 26. Withdrawal services are scheduled to remain available afterward under BitMart’s stated procedures. BitMart plans to formally cease platform operations on January 31, 2027.
Remaining futures positions may be settled under applicable mark-price, index-price or settlement rules. The exchange has also stated that Earn, staking, lending and other products are being discontinued in phases.
Key BitMart deadlines
- July 26: Wind-down announced and new registrations stopped.
- August 26: Spot, futures and other trading services end.
- January 31, 2027: Formal platform operations are scheduled to cease.
BitMEX Plans September Closure
BitMEX announced on July 23 that its exchange will close on September 23, 2026, at 04:00 UTC following a strategic review by parent company HDR Global Trading.
Reuters reported that BitMEX did not provide a specific reason for the closure and cited broader industry considerations. The exchange instructed customers to close positions and withdraw assets before the shutdown.
BitMEX said users will retain access to their accounts after the closure time to view balances and historical transaction information and withdraw funds.
The two announcements differ in timing and procedures, but neither was described as a bankruptcy filing. Therefore, a planned shutdown can consist of a well-defined withdrawal plan instead of suspending customer access immediately.
Shut Downs of Crypto Exchanges Impact Trading and Withdrawals Differently
Shut-downs of crypto exchanges can have different deadlines for deposits, trading, derivative trading, withdrawals, and account access. BitMart’s timeline illustrates those differences, with trading ending on August 26 while withdrawals are scheduled to remain available afterward.
Users with leveraged positions face separate settlement procedures. BitMart has warned that remaining futures positions could be settled when trading services end. It also warned that withdrawal reviews could take additional time because of identity and security checks.
BitMart separately notified certain U.S.-linked accounts on July 23 that positions had to be closed and assets withdrawn by August 8, citing its compliance review and applicable U.S. requirements.
Exchange Data Shows Different Market Scales
Market-data platforms reported different levels of activity for the two exchanges.
| Exchange | Announced closure | Reported market data |
| BitMart | Jan. 31, 2027 platform cessation | More than $1.3B in reported 24-hour spot volume |
| BitMEX | Sept. 23, 2026 | Less than 0.01% market share and about $400,000 daily volume |
CoinGecko recently reported more than $1.3 billion in BitMart’s 24-hour spot volume and assigned the exchange a 7/10 Trust Score. CoinMarketCap reported more than $1.7 billion in spot volume and about $149 million in exchange-reported assets. The figures are reported market-data figures rather than audited customer-liability statements.
Coinrab reported that BitMart’s BMX token fell about 58% in 24 hours following the July 26 announcement.
What Users Need to Do Before Shutdowns
Users affected by crypto exchange shutdowns have several deadlines to monitor.
- Close open positions and orders: Leveraged products can have separate settlement procedures, while outstanding orders may be canceled.
- Transfer your money before expiration: According to BitMart, additional verification would lead to further delays in withdrawing your money.
- Save account documentation: Account documentation of transactions, trades, deposits and withdrawals needs to be saved.
Users should also verify wallet addresses and blockchain networks before transferring assets. BitMart warned that deposits made after its suspension could fail to be credited automatically.
FAQs
When will BitMart stop trading?
BitMart plans to discontinue spot, futures and other trading services at 01:00 UTC on August 26, 2026.
When will BitMEX close?
BitMEX plans to close its exchange on September 23, 2026, at 04:00 UTC.
Are these announcements bankruptcy filings?
Neither BitMart nor BitMEX described its shutdown announcement as a bankruptcy filing.
Will BitMart withdrawals remain available?
BitMart says withdrawals will remain available after the trading shutdown under its stated procedures.
