BitMart Shutdown Triggers Frenzied Withdrawals Amid Compliance Delays

BitMart's announcement to shut down operations has sparked a frenzy of withdrawals among users. The exchange, which will cease trading on August 26 and officially close by January 31, 2027, is processing approximately 300 ETH withdrawals per hour.

Despite the steady pace, users have reported temporary freezing of withdrawals due to enhanced compliance checks. In the first 24 hours after the announcement, 58 wallets withdrew around $805,000 in assets.

The BMX token, BitMart's native exchange token, plummeted between 58% and 63% within hours of the wind-down announcement, reflecting the loss of utility as the platform prepares to shut down.