BitMart Shows Signs of Withdrawal Delays Ahead of Shutdown, BMX Drops 81% in a Week

Cryptocurrency exchange BitMart is showing signs of delays in customer withdrawals as it begins winding down operations.

Cointelegraph reported on July 27 that on-chain analytics account Lookonchain said only 58 wallets withdrew funds from BitMart over the past 24 hours, for a total of about $805,000. Over the most recent eight-hour period it tracked, no withdrawals were confirmed as processed.

Some users also claimed on social media that they were having trouble withdrawing funds. One user said an email indicated a Tether withdrawal had been completed, but the transaction was not actually processed and the account showed an "on-chain withdrawal frozen" status. Another user said a $30 test withdrawal remained pending for more than 30 minutes. Those cases, however, were individual claims that could not be independently verified.

BitMart had previously said it would continue to provide withdrawal services. It also said some requests could face additional review for reasons including regulatory compliance and security. The exchange said it may review customer identity, login devices, withdrawal addresses, transaction history and source of funds. If necessary, it may also request documents proving identity, address, source of funds and ownership of the receiving wallet.

On July 26, BitMart said it would halt new user registrations and deposits and restrict new spot orders and futures positions. It plans to end trading services on Aug. 26 and fully shut down the platform on Jan. 31, 2027.

Assets held by the exchange are also shrinking. Crypto assets in wallets identified by Arkham as belonging to BitMart fell to about $69 million on July 27 from about $102 million on July 6.

BitMart's native token BMX has also plunged. According to CoinGecko, BMX traded at about $0.057 on July 27, down about 81.5% over the past week. It traded at about $0.31 on July 24, before news of the exchange's closure became public.

BitMart's shutdown has also fueled speculation that a larger exchange could acquire a smaller rival. Binance co-founder Changpeng Zhao said acquisitions of centralized exchanges are more complicated than ordinary corporate takeovers because buyers can also inherit security vulnerabilities, including backdoors left by existing developers. The possibility of a deal remains open, he added, but any transaction would require closer scrutiny.