BitMart Withdrawals Slow to a Crawl as Wind-Down Begins, BMX Token Extends Losses

Withdrawals from crypto exchange BitMart appear to have slowed sharply following the platform’s announcement that it will wind down operations, with users reporting delays and freeze notices.

Withdrawal Activity Nearly Stalls

Blockchain analytics account Lookonchain reported that only 58 wallets withdrew roughly $805,000 over a 24-hour period on Monday, and the exchange processed no withdrawals during the most recent eight-hour window tracked. Several users on social media described ongoing issues, including one who said an email confirmed a USDT withdrawal as complete despite the transaction never processing and their account showing an “on-chain withdrawal freeze.” Another user reported a $30 test withdrawal stuck pending for over 30 minutes. These individual claims have not been independently verified.

Compliance Checks Add Friction

BitMart has said withdrawals remain available but warned that requests may undergo additional reviews covering customer identity, login devices, withdrawal addresses, trading history, and source of funds, with some users potentially asked for proof of identity or wallet ownership.

Token Value and Holdings Continue Sliding

BitMart’s BMX token traded near $0.055 on Monday, down about 83.5% over the past week from roughly $0.31 late Friday. Wallets linked to BitMart held approximately $69 million in crypto assets, down from about $102 million on July 6, according to Arkham data. Trading services are set to end August 26, with full closure planned for January 31, 2027.

Binance co-founder Changpeng Zhao said acquiring a centralized exchange carries added risk compared to other business purchases, since buyers could inherit hidden security vulnerabilities left by previous teams, though he noted such deals remain possible with sufficient scrutiny.