⛔️ BitMart users report withdrawal delays and wallet restrictions as exchange winds down operations

⛔️ BitMart users report withdrawal delays and wallet restrictions as exchange winds down operations

Users of BitMart, one of the leading centralized cryptocurrency exchanges, have reported delays in fund withdrawals and additional wallet restrictions following the company’s announcement of a gradual shutdown of its operations.

➡️ Context: BitMart is one of the leading centralized cryptocurrency exchanges. Founded in 2017 by Chinese entrepreneur Sheldon Xia, the company is headquartered in the Cayman Islands and maintains offices in the United States🇺🇸, South Korea🇰🇷, Hong Kong🇭🇰, and mainland China🇨🇳. The exchange became well known for allowing certain services without mandatory KYC verification and for listing more than 1,500 cryptocurrencies, significantly more than Binance and Coinbase.

➡️ According to available information, the delays appear to be linked to the exchange's implementation of additional compliance and security checks, including verification of withdrawal addresses, devices, trading history, and sources of funds, resulting in slower withdrawal processing.

➡️ Wallet balances associated with BitMart have reportedly fallen to around USD 69 million, while the BMX token has declined 81.5% over the past week.

➡️ On Monday, blockchain analytics platform Lookonchain reported that approximately USD 805,000 was withdrawn from 58 wallets during the previous 24 hours.

➡️ As part of the announced shutdown process, BitMart plans to discontinue trading services on August 26, while the platform is expected to fully cease operations on January 31, 2027.

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