BitMart Withdrawals Trickle to a Slow Drip as BMX Token Free-Falls 81% in Seven Days

BitMart withdrawals slowed sharply in the 24 hours after the crypto exchange announced plans to wind down its operations, with blockchain analytics account Lookonchain reporting that only 58 wallets withdrew about $805,000 and that no withdrawals were processed during the most recent eight-hour window it tracked. Users on X continued to flag withdrawal difficulties, with one saying they received an email confirming a USDT withdrawal that had not been processed and an "on-chain withdrawal freeze" notice, and another saying a $30 test withdrawal had remained pending for over 30 minutes. Cointelegraph reached out to BitMart for comment but did not receive a response before publication. These reports are individual claims and could not be independently verified.

BitMart said in its earlier announcement that 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 said it may also request proof of identity, address, source of funds or ownership of the receiving wallet. The exchange'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.

On Sunday, BitMart announced 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.

BitMart's BMX token traded near $0.057 on Monday and had fallen about 81.5% over seven days, according to CoinGecko, compared with a price around $0.31 late Friday before the shutdown became public. The closure prompted discussion among industry figures about whether larger exchanges could acquire smaller competitors, with Binance co-founder Changpeng Zhao saying acquiring a centralized exchange was more complicated than buying other businesses because buyers could inherit security vulnerabilities, including backdoors left by previous teams. Zhao added that acquisitions remain possible but require greater scrutiny.