BitMart Faces Withdrawal Complaints Following Wind-Down Announcement – Crypto News – Crypto News
Connect with us
Cointelegraph Cointelegraph

Blockchain

BitMart Faces Withdrawal Complaints Following Wind-Down Announcement – Crypto News

Published

46 minutes ago

on

Withdrawals from crypto exchange BitMart appeared to slow after it announced plans to wind down its operations. 

On Monday, blockchain analytics account Lookonchain reported that only 58 wallets withdrew about $805,000 in over 24 hours. It added that the exchange had not processed any withdrawals during the latest eight-hour period it tracked. 

X users also continued to report withdrawal difficulties. One user said they received an email stating that a USDT withdrawal had been completed even though the transaction had not been processed and their account displayed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal remained pending for over 30 minutes. These are individual claims and could not be verified. 

BitMart’s ability to return customer funds smoothly will be a key test of its promised “orderly” wind-down and could determine whether declining confidence develops into a broader rush for the exits.

BitMart previously said withdrawals remain available but warned that requests may face additional compliance and security checks, including reviews of customer identities, login devices, withdrawal addresses, trading histories and sources of funds. The exchange may also request proof of identity, address, source of funds or ownership of the receiving wallet.

Cointelegraph reached out to BitMart for comments but did not receive a response before publication. 

BitMart token extends decline as exchange prepares to close

On Sunday, BitMart announced that it would stop accepting new registrations and deposits while restricting new spot orders and futures positions. Trading services are scheduled to end on Aug. 26, with the platform expected to cease operations entirely on Jan. 31, 2027.

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

Related: Storj files for bankruptcy, explores equity path for tokenholders

BitMart’s BMX token traded near $0.057 on Monday and had fallen about 81.5% over seven days, according to CoinGecko. The token was trading around $0.31 late Friday before the exchange’s shutdown became public.

BMX token’s 24-hour chart. Source: CoinGecko

The closure also prompted discussion about whether larger exchanges could acquire smaller competitors. 

Binance co-founder Changpeng Zhao said acquiring a centralized exchange was more complicated than buying other businesses because buyers could inherit security vulnerabilities, including backdoors left by previous teams. He added that acquisitions remain possible but require greater scrutiny. 

Magazine: Why Australia’s $17B crypto opportunity depends on regulation

Related Topics:
Continue Reading

Trending