BitMart shutdown raises concerns over delayed crypto withdrawals

BitMart's planned closure has put customer withdrawals under scrutiny after blockchain trackers observed limited outflows and a shift in the exchange's tracked wallet balances.

The platform stopped new registrations, deposits and orders at 01:30 UTC on July 26. Trading will end on Aug. 26, with full operations scheduled to cease on Jan. 31, 2027. BitMart has not cited a specific financial or regulatory event. It also has not said it faces a liquidity shortfall.

Nansen reported that much of the ETH and stablecoin balances in wallets it tracks for BitMart had moved out, leaving relatively low readily usable liquidity and a larger share of less-liquid tokens. The data does not prove the exchange cannot meet withdrawals. Lookonchain counted about $805,000 withdrawn by 58 wallets in 24 hours and reported an eight-hour period without withdrawals. Onchain Lens said it saw no Bitcoin, stablecoin or altcoin withdrawals above $25,000 in a separate 24-hour window.

BitMart says withdrawals may face manual checks covering identity, devices, IP addresses, destination wallets, sanctions, source of funds and transaction risks. It warns that high demand and reviews may cause delays, but has not set a maximum processing time. Paxi Network has also asked the exchange to release funds it says belong to users and market makers. BitMart has not publicly addressed that claim.