BitMart Withdrawal Process Slows Down Amid Wind-Down Plans

BitMart's withdrawal process has slowed down significantly following its announcement to wind down operations. According to blockchain analytics account Lookonchain, only 58 wallets withdrew around $805,000 in over 24 hours. The exchange had not processed any withdrawals during the latest eight-hour period it tracked.

User reports also continue to pour in of withdrawal difficulties. One user received an email stating that a USDT withdrawal had been completed even though the transaction had not been processed and their account displayed an 'on-chain withdrawal freeze.' Another user reported a $30 test withdrawal remaining pending for over 30 minutes.

BitMart's ability to return customer funds smoothly will be a key test of its promised 'orderly' wind-down. The exchange may request proof of identity, address, source of funds or ownership of the receiving wallet as part of its compliance and security checks.