Users have a one-month window to close their trades and up to six months to withdraw their funds, though the exchange did not give a precise reason for shutting down.

Crypto exchange BitMart said on Sunday it will wind down its trading platform, ending nine years of operations. Its native BMX token tumbled nearly 60% after the announcement.

The move makes BitMart the second exchange this week to signal a closure. Perpetuals-focused platform BitMEX also revealed on Thursday that it plans to shut down after 11 years, according to CoinDesk.

BitMart said it stopped accepting new registrations, deposits, and trading orders from 01:30 UTC on Sunday, while futures accounts were shifted into reduce-only mode.

All trading activity, including spot and derivatives, will end on Aug. 26, with the platform set to fully cease operations on Jan. 31, 2027. Withdrawals will remain open during this period, though users are urged to complete identity verification, close positions, and submit withdrawal requests before the August deadline.

In a statement, the company said the decision followed a review of its operating conditions, market environment, and future strategy, without specifying which factor was decisive.

CoinDesk has reached out to BitMart for further comment.

BMX, the platform’s token, fell to around $0.08, down 58% over 24 hours, cutting its market value to roughly $27 million. The token had already declined about 70% over the past year, extending a longer-term downtrend.

Despite the shutdown, BitMart’s trading volumes remain notable. The exchange reported $1.6 billion in 24-hour volume, up 51% from the prior period, with bitcoin accounting for nearly half. The surge likely reflects users unwinding positions and moving funds off the platform rather than new demand, raising questions about why an exchange with such activity is closing.

Withdrawal conditions may also be more restrictive than usual. BitMart warned that requests could face enhanced checks, including identity verification, device and IP screening, withdrawal address validation, source-of-funds inquiries, and sanctions compliance. Processing times may lengthen if withdrawal requests spike.

BitMart previously suffered a major hack in December 2021, when about $196 million was stolen from its hot wallets. The exchange later covered customer losses.