BitMart Withdrawals Slow After Exchange Wind-Down Announcement

Users reported delayed withdrawals and account freeze notices as wallets linked to BitMart dropped to roughly $69 million in assets, while the exchange’s BMX token extended its weekly decline to 81.5%.

Withdrawals from cryptocurrency exchange BitMart appeared to slow after the company announced plans to wind down its operations.

On Monday, blockchain analytics account Lookonchain reported that only 58 wallets had withdrawn approximately $805,000 over the previous 24 hours. It also said the exchange did not process any withdrawals during the latest eight-hour period it monitored.

Users on X continued to report withdrawal issues. One user claimed they received an email confirming a USDT withdrawal had been completed, even though the transaction was not processed and their account showed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal had remained pending for more than 30 minutes. These are individual claims and have not been independently verified.

BitMart’s ability to return customer funds without disruption will be a crucial test of its planned “orderly” wind-down and may determine whether weakening confidence escalates into a broader wave of withdrawals.

BitMart previously said withdrawals remain available but cautioned that requests could be subject to additional compliance and security reviews. These checks may include verification of customer identities, login devices, withdrawal addresses, trading activity, and sources of funds. The exchange may also require users to provide proof of identity, address, source of funds, or ownership of the destination wallet.

BitMart Token Extends Losses as Exchange Nears Shutdown#

On Sunday, BitMart announced it would stop accepting new user registrations and deposits while limiting new spot trading orders and futures positions. Trading services are scheduled to end on Aug. 26, and the platform is expected to shut down completely on Jan. 31, 2027.

According to Arkham-identified wallets, BitMart held approximately $69 million in crypto assets on Monday, down from about $102 million recorded on July 6.

BitMart’s BMX token traded at around $0.057 on Monday, marking a decline of roughly 81.5% over the past seven days, according to CoinGecko. Before the exchange’s planned shutdown was made public late Friday, the token had been trading near $0.31.

The planned closure also sparked discussion over whether larger cryptocurrency exchanges could acquire smaller competitors.

Binance co-founder Changpeng Zhao said acquiring a centralized exchange is more complex than purchasing many other businesses because the buyer could inherit security vulnerabilities, including potential backdoors left by previous teams. He added that such acquisitions are still possible but require much more thorough due diligence.