BitMart exchange experienced withdrawal processing slowdowns on Monday following its Sunday announcement to wind down operations. Blockchain analytics account Lookonchain reported that only 58 wallets withdrew approximately $805,000 in over 24 hours, with no withdrawals processed during an eight-hour tracking period. The exchange previously stated withdrawals remain available but warned requests may face additional compliance and security checks, including reviews of customer identities, login devices, withdrawal addresses, trading histories, and sources of funds. The slowdown occurred as BitMart prepares to stop accepting new registrations and deposits, with trading services scheduled to end on Aug. 26 and full platform closure set for Jan. 31, 2027. The exchange's ability to return customer funds smoothly will test its promised orderly wind-down amid declining user confidence.
Lookonchain Reports 58 Wallets Withdrew $805K in 24 Hours
On Monday, blockchain analytics account Lookonchain reported that only 58 wallets withdrew about $805,000 in over 24 hours. The account 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 Holdings Declined from $102M to $69M Since July 6
Arkham-identified wallets attributed to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6.
BMX Token Fell 81.5% Over Seven Days
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.
BitMart Requires Additional Compliance Checks for Withdrawals
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.
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.
Cointelegraph reached out to BitMart for comments but did not receive a response before publication.
Binance Co-Founder Discusses Exchange Acquisition Risks
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.
FAQ
What withdrawal activity did Lookonchain report for BitMart on Monday?
Lookonchain reported that only 58 wallets withdrew approximately $805,000 from BitMart in over 24 hours on Monday, with no withdrawals processed during an eight-hour tracking period.
How much did BitMart's BMX token decline over seven days?
BitMart's BMX token fell about 81.5% over seven days, trading near $0.057 on Monday compared to around $0.31 late Friday before the exchange's shutdown announcement became public, according to CoinGecko.
When will BitMart fully cease operations?
BitMart announced trading services are scheduled to end on Aug. 26, with the platform expected to cease operations entirely on Jan. 31, 2027.
