Cryptocurrency exchange BitMart has confirmed it will wind down its trading operations, setting a firm deadline of August 26 for all market activity to cease. The decision follows a sharp decline in the platform's native BMX token and mounting user complaints about withdrawal processing delays that have persisted for weeks.

The exchange, which has operated since 2017 and served millions of users across more than 180 countries, stated that full platform operations will conclude by January 2025. In a notice posted to its website and social channels, BitMart urged customers to withdraw all assets before the August cutoff, warning that trading pairs will be systematically delisted in the weeks leading up to the shutdown.

BMX, the exchange's utility token, has lost more than 90% of its value from its 2021 peak, according to public market data. The token's collapse accelerated in recent months as trading volumes on the platform dwindled and liquidity providers exited. On-chain analytics show significant outflows from BitMart-associated wallets beginning in early 2024, suggesting institutional and retail users alike began reducing exposure well before the formal announcement.

Users on social media and community forums have reported withdrawal delays stretching from several hours to multiple days for major assets including Bitcoin, Ethereum, and stablecoins. Some accounts describe support tickets going unanswered for weeks. BitMart acknowledged "technical challenges" in its wind-down notice but did not provide a detailed explanation for the processing backlogs.

The exchange did not disclose whether it faces regulatory action, insolvency proceedings, or other legal pressures. No law enforcement agencies have publicly announced investigations. BitMart's leadership team, including CEO Sheldon Xia, has not granted interviews since the announcement. The company's last funding round, a $150 million Series B in 2021, valued the exchange at over $1 billion.