BitMart Withdrawals Slowing Down Amid Wind-Down Process

BitMart's wind-down process appears to be slowing down withdrawals from the cryptocurrency exchange. According to blockchain analytics account Lookonchain, only 58 wallets withdrew around $805,000 in over 24 hours, a significant decrease compared to previous periods.

The exchange had not processed any withdrawals during the latest eight-hour period tracked by Lookonchain. Users on X also reported continued difficulties with withdrawing their funds, with some claiming to have received emails stating that transactions were completed even though they remained pending in their accounts.

BitMart's ability to return customer funds smoothly will be a key test of its promised 'orderly' wind-down and could determine whether declining confidence develops into a broader rush for the exits. The exchange previously warned that withdrawals may face additional compliance and security checks, including reviews of customer identities and withdrawal addresses.

BitMart's BMX token continued to decline in value, trading near $0.057 on Monday and down around 81.5% over seven days, according to CoinGecko. The exchange's closure has also sparked discussion about whether larger exchanges could acquire smaller competitors, with Binance co-founder Changpeng Zhao suggesting that acquisitions are possible but require greater scrutiny.