Withdrawals from BitMart have slowed to a trickle in the days since the exchange announced it is winding down operations, with on-chain data showing just 58 wallets withdrawing a combined $805,000 over a 24-hour period. One tracking window of eight hours recorded no withdrawals being processed at all.
Wallets attributed to BitMart now hold approximately $69 million in crypto assets, down sharply from roughly $102 million on July 6. The exchange's native BMX token has collapsed alongside the outflows, trading near $0.057 and down 81.5% over the past week after changing hands around $0.31 late Friday, just before the wind-down was announced.
Users attempting to move funds off the platform have described a range of problems. Some received email confirmations stating that USDT withdrawals had completed, only to find the funds never arrived. Others saw "on-chain withdrawal freeze" notices appear on their accounts. One user reported that a test withdrawal of just $30 remained pending for more than 30 minutes.
A staged shutdown through early 2027
BitMart has laid out a multi-stage timeline for its closure. Trading services are scheduled to end on August 26, while the platform is expected to cease operations entirely by January 31, 2027. The exchange has already stopped accepting new user registrations and deposits, and has restricted the opening of new spot orders and futures positions.
BitMart cites compliance checks
In response to user complaints, BitMart said withdrawals remain available but warned that requests may face additional compliance and security checks. The exchange stated that reviews "may face additional compliance and security checks, including reviews of customer identities, login devices, withdrawal addresses, trading histories and sources of funds."
Related: BitMEX to Shut Down After 11 Years as Clarity Act Odds Slip to 38%
Part of a broader wave of exchange exits
BitMart's shutdown adds to a string of centralized exchange closures this year. Binance co-founder Changpeng Zhao recently weighed in on the risks of acquiring troubled exchanges rather than winding them down, noting that buyers can inherit hidden problems from the previous operators.
Acquiring centralized exchanges can mean inheriting "security vulnerabilities, including backdoors left by previous teams," Changpeng Zhao said.
For BitMart users, the practical concern is more immediate: with trading set to stop next month and the platform disappearing entirely by early 2027, remaining balances will need to be moved well before the final deadline to avoid being caught in the wind-down process.
The slowdown followed BitMart's July 26 announcement that it would wind down its trading platform after nine years, with trading set to end August 26 and full closure by January 31, 2027 — see our coverage of the ousted CEO's account of being blindsided by the decision. BitMart's BMX token collapsed roughly 60% within hours of the announcement and had fallen 81.5% over seven days to around $0.057, reflecting the market's rapid repricing of the exchange's remaining utility once its shutdown became public.
FAQ
Why are withdrawals slowing down during a wind-down?
A surge of users trying to exit simultaneously typically strains an exchange's processing capacity, and platforms winding down sometimes throttle withdrawal volume deliberately to manage liquidity and reserves during the closure period.
What happened to BitMart's native token after the announcement?
BMX crashed nearly 60% within hours of the wind-down news and had fallen 81.5% over the following week to around $0.057.
Source: Cointelegraph
