TL;DR
- BitMart users reported withdrawal delays and freezes after the exchange announced its wind-down, while only 58 wallets withdrew about $805,000 over more than 24 hours.
- The exchange plans to end trading on Aug. 26 and cease operations on Jan. 31, 2027, as attributed wallet holdings fell to about $69 million.
- BMX collapsed 81.5% in seven days to roughly $0.057, reflecting rapidly deteriorating confidence as customers questioned access to remaining funds.
BitMart’s planned shutdown has begun testing whether an “orderly” exit can survive a sudden loss of confidence. After the exchange announced it would wind down operations, users reported delayed withdrawals, freeze notices, and transactions marked complete without appearing onchain. Lookonchain said only 58 wallets withdrew about $805,000 over more than 24 hours, with no withdrawals processed during the latest eight-hour window it monitored. The exit plan is colliding with a visible withdrawal bottleneck, raising uncomfortable questions about how quickly customers can recover funds before trading services and the platform itself disappear under an unforgiving deadline.
BitMart(@BitMartExchange) has announced it is shutting down, while withdrawals will remain available.
Over the past 24 hours, only 58 wallets withdrew funds, with total withdrawals of ~$805K.
And #BitMart has not processed any withdrawals in the past 8 hours. pic.twitter.com/GByU0K7WSe
— Lookonchain (@lookonchain) July 27, 2026
Withdrawal scrutiny deepens as BMX value collapses
BitMart said withdrawals remain available, but requests may undergo additional compliance and security reviews. These checks can examine customer identities, login devices, withdrawal addresses, trading histories, sources of funds, and ownership of receiving wallets. Users may also be asked for proof of identity, residence, funding sources, or wallet control. The promised wind-down now depends on whether enhanced verification can coexist with timely access to customer assets. One user claimed a USDT withdrawal showed as completed while an “on-chain withdrawal freeze” remained active, while another said a $30 test withdrawal stayed pending beyond 30 minutes altogether.
The exchange stopped accepting new registrations and deposits on Sunday while restricting new spot orders and futures positions. Trading services are scheduled to finish on Aug. 26, before the platform is expected to cease operations entirely on Jan. 31, 2027. Meanwhile, wallets attributed to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6. The shrinking wallet balance adds urgency to every delayed withdrawal request, because the remaining timetable now combines declining assets, customer anxiety, and a fixed sequence of operational closures without clear room for delay.
BMX, BitMart’s native token, reflected that anxiety with extraordinary speed. The asset traded near $0.057 on Monday after falling about 81.5% over seven days, compared with roughly $0.31 late Friday before news of the shutdown became public. The token collapse shows how rapidly confidence can evaporate when an exchange announces its own ending. The closure also revived debate about acquisitions, although Changpeng Zhao cautioned that buying centralized exchanges can expose acquirers to inherited security flaws, including hidden backdoors, making any rescue far more complicated than purchasing an ordinary business for buyers already wary of liabilities.
