BitMart Withdrawal Woes Continue as Exchange Winds Down Operations
Crypto exchange BitMart's efforts to wind down its operations may be meeting some resistance. The platform has announced plans to cease trading services by August 26, with a complete shutdown scheduled for January 31, 2027.
Despite this, users are reportedly continuing to experience difficulties when attempting to withdraw funds from the exchange. Blockchain analytics account Lookonchain noted that only 58 wallets withdrew around $805,000 in over 24 hours, and no withdrawals were processed during an eight-hour period tracked by the platform.
Individual users have also come forward with their own withdrawal woes. One user claimed to have received an email stating that a USDT withdrawal had been completed, even though the transaction hadn't 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 BMX token has also seen significant price action in recent days. The token was trading around $0.31 late Friday before the exchange's shutdown became public, but has since fallen to near $0.057 on Monday. This represents an 81.5% decline over a seven-day period.