{"investigation":{"slug":"bit-com","entity_name":"Bit.com","trust_score":62,"severity_base":null,"score_modifier":4,"confidence":0.72,"status":"published","content_type":"investigation","summary":"Bit.com was a Seychelles-registered crypto derivatives exchange launched in 2020 by Matrixport, a Singapore-based digital asset firm spun off from Bitmain and chaired by Jihan Wu. The platform announced a phased wind-down in late December 2025 and, according to secondary reporting, ceased operations by the planned March 31, 2026 deadline; no hacks, lawsuits, or regulatory enforcement actions against Bit.com were found. Some figures in earlier coverage of the shutdown and of a related March 2026 rebrand of parent company Matrixport could not be independently confirmed and are presented here with that caveat.","sections":[{"content":"Bit.com was a cryptocurrency derivatives exchange offering futures and options trading, announced in July 2020 by Matrixport, a Singapore-based digital financial services firm founded as a spinoff of mining-hardware maker Bitmain. Bit.com's chairman was Jihan Wu, who co-founded both Bitmain and Matrixport. The exchange was registered in Seychelles and began trading with a BTC/USD perpetual swap followed shortly afterward by Bitcoin options. An early Bit.com press release claimed the platform was the second-largest crypto options exchange globally by turnover and open interest, citing data from Skew; this is a company claim rather than an independently verified ranking.","heading":"Company background and launch","sources":[{"url":"https://www.theblock.co/post/72970/matrixport-crypto-derivatives-exchange","name":"The Block – Matrixport launching crypto derivatives exchange","type":"news_article","credibility":2},{"url":"https://www.newswire.com/news/bit-com-gaining-momentum-over-btc-options-market-share-since-initial-21212597","name":"Bit.com Gaining Momentum Over BTC Options Market Share","type":"other","credibility":3}],"severity":"low"},{"content":"Reported funding for the group behind Bit.com (listed by data providers as \"BIT\") is inconsistent across sources. PitchBook and CB Insights both list a roughly $38 million round dated to around January–February 2023 — PitchBook labels it a \"Series C1\" deal dated February 1, 2023, while CB Insights lists a \"Series C-II\" dated January 1, 2023 with undisclosed investors. Neither data provider ties this round to a named press release, and the exact investor list is not disclosed in either source, so this figure should be treated as reported by financial-data aggregators rather than confirmed by a primary announcement. Earlier funding is better documented: Matrixport raised a Series C round in 2021 backed by DST Global partners, C Ventures, K3 Ventures, Qiming Venture Partners, CE Innovation Capital and Tiger Global, reported variously as roughly $100 million to $129 million, and in November 2022 was reported to be seeking a further $100 million at a $1.5 billion valuation, a round PitchBook marks as cancelled.","heading":"Funding history","sources":[{"url":"https://pitchbook.com/profiles/company/268787-98","name":"PitchBook – BIT company profile","type":"research","credibility":2},{"url":"https://www.cbinsights.com/investor/bitcom","name":"CB Insights – BIT investor profile","type":"research","credibility":2},{"url":"https://decrypt.co/77434/matrixport-joins-growing-list-of-crypto-unicorns-after-100m-investment","name":"Decrypt – Matrixport Joins Growing List of Crypto Unicorns After $100M Investment","type":"news_article","credibility":2},{"url":"https://fintechnews.sg/54016/blockchain/bitmains-spin-off-matrixport-valued-over-us1-billion-with-us129-million-fundraise/","name":"Fintech News Singapore – Bitmain's spin-off Matrixport valued over US$1 billion","type":"news_article","credibility":2}],"severity":"low"},{"content":"On December 27, 2025, Bit.com announced through its social media channels a three-step, phased shutdown of its operations, stating the wind-down would run from that date \"to March 31, 2026.\" New user registrations stopped immediately. Spot trading continued until January 31, 2026, after which \"all trading functions\" ceased and contract positions could only be closed, not opened. Cloud mining services were set to terminate on January 25, 2026, with mining income settled and refunds issued for unused service days, and automatic income calculations for financial-product holders were to stop on January 30, 2026. From February 1, 2026, any assets not yet withdrawn were to move into a \"backup station\" system, through which March 31, 2026 was described as the final day to apply for withdrawals via customer service. Reporting at the time said the company urged users to withdraw funds directly or migrate them to affiliated platform Matrixport, and that small non-USDT balances would be automatically converted to USDT at closing prices after January 31, excluding certain currencies users were told to withdraw manually in advance. Coverage described the stated reason as a \"business restructuring plan\"; none of the reporting found gave a more detailed explanation beyond general references to shifting market conditions.","heading":"December 2025 – March 2026 shutdown","sources":[{"url":"https://phemex.com/news/article/bitcom-to-cease-operations-by-march-31-2026-in-threephase-shutdown-49437","name":"Phemex News – Bit.com to Cease Operations by March 31, 2026 in Three-Phase Shutdown","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/bit-com-set-to-wind-down-operations/","name":"Cryptopolitan – Crypto exchange Bit.com set to wind down operations","type":"news_article","credibility":2},{"url":"https://en.coinotag.com/bit-com-plans-gradual-shutdown-by-march-2026-urges-usdt-withdrawals","name":"Coinotag – Bit.com Plans Gradual Shutdown by March 2026, Urges USDT Withdrawals","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Secondary sources state the shutdown was completed on schedule. A Coin360 roundup of first-quarter 2026 crypto-industry shutdowns states that \"Bit.com completed its shutdown by March 31, 2026\" as part of a phased closure that began in late 2025 tied to broader business restructuring; a Matrixport-focused review by CoinCodeCap similarly states the Bit.com exchange completed its shutdown in March 2026. Neither of these is a primary company announcement, and this investigation did not locate an official Bit.com closure notice independently confirming that completion date. Regarding the conduct of the wind-down, contemporaneous reporting on the shutdown plan described the company's own stated commitments — a \"transparent and traceable migration of user assets,\" continuous 24/7 access to withdrawal functions during the backup-station phase, and assurances that assets would not be \"cleared, confiscated, or disposed of\" — but these are the company's own representations as relayed by news outlets, not findings from an independent review. No independent source was found explicitly characterizing the shutdown as \"orderly,\" and no reports of blocked withdrawals or user complaints were identified in the coverage reviewed; this absence of negative reports is treated here as a low-confidence, not a confirmed, finding, since an independent audit or user-complaint survey was not located.","heading":"Reported completion and conduct of the wind-down","sources":[{"url":"https://coin360.com/news/q1-2026-crypto-shutdowns-market-reset","name":"Coin360 – Q1 2026 Crypto Shutdowns: A Market Reset","type":"news_article","credibility":2},{"url":"https://coincodecap.com/matrixport-review","name":"CoinCodeCap – Matrixport Review","type":"other","credibility":3}],"severity":"medium"},{"content":"Separately from the Bit.com exchange shutdown, parent group Matrixport announced it was renamed \"BIT\" effective March 20, 2026, stating that customer accounts, products, services, legal entities and contractual arrangements were unchanged by the rename. The company's own announcement and press coverage of it state the renamed group manages \"over US$6 billion in assets\" and facilitates \"more than US$7 billion in monthly trading volume,\" with a valuation exceeding US$1 billion and operations headquartered in Singapore with offices described as spanning seven countries or regions (one version of the company's own pressroom material instead cites \"over US$7 billion in assets,\" an inconsistency with the figure repeated elsewhere). These figures originate from the company's own press release and were republished by news outlets without independent verification; AVOID.NET could not locate third-party audited figures confirming them. The rebrand announcement does not reference the Bit.com exchange's wind-down, and the two events — an operating-entity rename of the Matrixport group and the closure of the separately branded Bit.com derivatives exchange — should not be conflated, though the similar naming has caused confusion in secondary coverage.","heading":"March 2026 rebrand of parent company Matrixport","sources":[{"url":"https://www.bit.com/bit-formerly-matrixport","name":"Bit.com – Brand Update (Matrixport rebrands as BIT)","type":"official","credibility":2},{"url":"https://www.theblock.co/press-releases/394343/","name":"The Block – Matrixport Rebrands as BIT in Strategic Repositioning (press release)","type":"other","credibility":2}],"severity":"low"},{"content":"No evidence was found of a security breach, lawsuit, or regulatory enforcement action (SEC, CFTC, or otherwise) against Bit.com or against Matrixport in connection with the Bit.com exchange. Searches for court filings and enforcement actions returned only unrelated cases involving a differently named platform (BitFunder). The absence of findings should not be read as a clean bill of health; it reflects the available public record at the time of this investigation.","heading":"Absence of hacks, lawsuits, or regulatory enforcement","sources":[{"url":"https://www.sec.gov/news/press-release/2018-23","name":"SEC Press Release 2018-23 (unrelated BitFunder case, cited for context of search)","type":"regulatory","credibility":1}],"severity":"low"}],"timeline":[{"date":"2019-02","event":"Matrixport, the Singapore-based firm that later launched Bit.com, is founded as a spinoff of Bitmain.","source":"Background reporting on Matrixport/Bit.com history","source_url":"https://www.theblock.co/post/72970/matrixport-crypto-derivatives-exchange"},{"date":"2020-07","event":"Matrixport announces the launch of Bit.com, a crypto derivatives exchange offering futures and options.","source":"The Block","source_url":"https://www.theblock.co/post/72970/matrixport-crypto-derivatives-exchange"},{"date":"2023-01","event":"Financial-data providers record a roughly $38 million funding round (listed as \"Series C1\" or \"Series C-II\") for the BIT/Matrixport group; investor identities are not disclosed in available sources.","source":"PitchBook / CB Insights","source_url":"https://pitchbook.com/profiles/company/268787-98"},{"date":"2025-12","event":"Bit.com announces a phased shutdown of its operations, stopping new user registrations immediately.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/bit-com-set-to-wind-down-operations/","date_evidence":"\"The cryptocurrency exchange Bit.com announced through its social media channels on December 27 that it will wind down…\"","date_original":"2025-12-27"},{"date":"2026-01","event":"Cloud mining services on Bit.com are scheduled to terminate, with mining income settled and refunds issued for unused service days.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/bit-com-set-to-wind-down-operations/","date_original":"2026-01-25"},{"date":"2026-01-31","event":"Spot trading on Bit.com ends; remaining contract positions can only be closed, not opened.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/bit-com-set-to-wind-down-operations/","date_evidence":"\"Spot trading on the exchange will continue until January 31, 2026, after which all trading functions stop.\""},{"date":"2026-02","event":"Unwithdrawn user assets are moved into a \"backup station\" system for final withdrawal requests.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/bit-com-set-to-wind-down-operations/","date_original":"2026-02-01"},{"date":"2026-03-20","event":"Parent company Matrixport rebrands as \"BIT,\" a change distinct from the Bit.com exchange closure, reporting over $6 billion in assets and $7 billion in monthly trading volume.","source":"Bit.com brand update page / The Block press release","source_url":"https://www.bit.com/bit-formerly-matrixport","date_evidence":"\"Effective 20 March 2026, Matrixport has been renamed to BIT.\""},{"date":"2026-03-31","event":"Planned final deadline for the Bit.com shutdown and last day to request withdrawals through the backup-station system; secondary sources later reported the exchange ceased operations on or around this date, though no primary closure notice was located.","source":"Phemex News","source_url":"https://phemex.com/news/article/bitcom-to-cease-operations-by-march-31-2026-in-threephase-shutdown-49437","date_evidence":"\"Cryptocurrency exchange Bit.com has announced a structured shutdown plan, set to conclude by March 31, 2026.\""}],"sources_used":[{"url":"https://www.theblock.co/post/72970/matrixport-crypto-derivatives-exchange","name":"The Block – Matrixport launching crypto derivatives exchange","type":"news_article","credibility":2},{"url":"https://www.newswire.com/news/bit-com-gaining-momentum-over-btc-options-market-share-since-initial-21212597","name":"Bit.com Gaining Momentum Over BTC Options Market Share","type":"other","credibility":3},{"url":"https://pitchbook.com/profiles/company/268787-98","name":"PitchBook – BIT company profile","type":"research","credibility":2},{"url":"https://www.cbinsights.com/investor/bitcom","name":"CB Insights – BIT investor profile","type":"research","credibility":2},{"url":"https://decrypt.co/77434/matrixport-joins-growing-list-of-crypto-unicorns-after-100m-investment","name":"Decrypt – Matrixport Joins Growing List of Crypto Unicorns After $100M Investment","type":"news_article","credibility":2},{"url":"https://fintechnews.sg/54016/blockchain/bitmains-spin-off-matrixport-valued-over-us1-billion-with-us129-million-fundraise/","name":"Fintech News Singapore – Bitmain's spin-off Matrixport valued over US$1 billion","type":"news_article","credibility":2},{"url":"https://phemex.com/news/article/bitcom-to-cease-operations-by-march-31-2026-in-threephase-shutdown-49437","name":"Phemex News – Bit.com to Cease Operations by March 31, 2026 in Three-Phase Shutdown","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/bit-com-set-to-wind-down-operations/","name":"Cryptopolitan – Crypto exchange Bit.com set to wind down operations","type":"news_article","credibility":2},{"url":"https://en.coinotag.com/bit-com-plans-gradual-shutdown-by-march-2026-urges-usdt-withdrawals","name":"Coinotag – Bit.com Plans Gradual Shutdown by March 2026, Urges USDT Withdrawals","type":"news_article","credibility":2},{"url":"https://coin360.com/news/q1-2026-crypto-shutdowns-market-reset","name":"Coin360 – Q1 2026 Crypto Shutdowns: A Market Reset","type":"news_article","credibility":2},{"url":"https://coincodecap.com/matrixport-review","name":"CoinCodeCap – Matrixport Review","type":"other","credibility":3},{"url":"https://www.bit.com/bit-formerly-matrixport","name":"Bit.com – Brand Update (Matrixport rebrands as BIT)","type":"official","credibility":2},{"url":"https://www.theblock.co/press-releases/394343/","name":"The Block – Matrixport Rebrands as BIT in Strategic Repositioning (press release)","type":"other","credibility":2},{"url":"https://www.sec.gov/news/press-release/2018-23","name":"SEC Press Release 2018-23 (unrelated BitFunder case, cited for context of search)","type":"regulatory","credibility":1}],"source_tags":[],"addresses":[],"reviewed":true,"reviewed_by":null,"model_used":"claude-code-investigator","created_at":"2026-06-07T21:49:14.432946+00:00","updated_at":"2026-11-02T09:57:56.339+00:00"},"source_quality":{"total":14,"tier1":1,"tier2":3,"tier3":0,"unrated":10},"follower_count":null,"content_updated_at":"2026-11-02T09:57:56.968Z","last_fact_checked_at":"2026-11-02T09:57:56.574Z","fact_check_next_allowed_at":"2026-11-09T09:57:56.574Z","update_next_allowed_at":"2026-11-09T04:14:38.369Z"}