Wu Ji Han's crypto exchange Bit.com to shut down? Officially announces "business reduction" and simultaneously launches user asset migration plan

Cryptocurrency trading platform Bit.com announced today (27th) that due to business adjustments, it will systematically reduce its existing operations and simultaneously launch the “User Asset Migration Plan.”
(Background: The established exchange Kraken announced the launch of an IPO! It has confidentially submitted S-1 documents to the SEC, with a potential listing early next year)
(Additional background: South Korean exchange Upbit merged with Naver to “go public on the US Nasdaq,” with a valuation of $34 billion)

Cryptocurrency trading platform Bit.com announced today (27th) that due to business adjustments, it will systematically reduce its existing operations and simultaneously launch the “User Asset Migration Plan.” The official announcement states:

Dear Bit.com Users:

Starting today, due to business adjustments, Bit.com will systematically reduce its current operations and launch the “User Asset Migration Plan.” Bit.com will continuously provide clear and comprehensive user guidance through official announcements, emails, and in-site messages to assist users in smoothly completing asset handling and migration within a defined time window.

Specific timelines, operational procedures, and precautions will be based on subsequent announcements and guidance. Please stay updated with official information releases. If you have any questions during the process, you can consult through Bit.com’s official customer service channels.

Thank you for your long-term support and understanding of Bit.com.

Detailed Information on Bit.com’s Business Adjustment and Asset Handling Arrangements

On the same day, Bit.com issued a follow-up announcement providing further details on its business adjustments and asset handling arrangements. The announcement emphasizes that the platform commits to asset security and transparency, treating all users equally regardless of account type. Withdrawal processing times are between 0.5 to 24 hours, with priority review available if delayed. The platform will maintain 24/7 asset inquiry and withdrawal functions and offer one-on-one support for large-volume users.

Regarding asset handling, the announcement states that starting today, new user registrations are halted; spot trading will cease on January 31, 2026. During this period, users can withdraw assets or sell them for USDT. After January 31, remaining small non-USDT assets (excluding observation coins) will be automatically converted to USDT; contract trading will only allow closing positions, with no new positions allowed. After closing, funds can be withdrawn or migrated to the parent company Matrixport for re-opening positions.

Cloud computing business will be fully terminated by January 25, 2026. Unfulfilled days will be refunded proportionally based on the original price, with refunds returned within 5 working days. GoRich and financial products must be withdrawn or canceled before January 30. Non-mainstream assets like Meme tokens are recommended to be exchanged for USDT in advance to avoid trading difficulties.

Assets not withdrawn before January 31 will be transferred to a backup site starting February 1, 2026, to continue support for withdrawals. The final service cutoff date is March 31. The announcement particularly reminds users to stay alert and prevent scams; the platform will never ask for private keys, seed phrases, or request transfers to “secure accounts.” All official notifications will come from the website and official app.

Meanwhile, as a long-term strategic partner, Matrixport will provide convenient account migration channels for spot and contract users. Users can choose whether to migrate to enjoy new user benefits.

What is Bit.com?

Bit.com was launched in 2020 and is a subsidiary of the Singapore-based crypto financial services platform Matrixport. Matrixport was founded by Wu Jihan, co-founder of Bitmain, after leaving Bitmain in 2019, and serves as its chairman. Bit.com started with derivatives trading, offering spot, perpetual contracts, options, cloud computing, wealth management, and GoRich services. It was once regarded as an efficient crypto exchange; however, this adjustment also reflects a resource optimization strategy for second-tier platforms amid changing market conditions.