Withdrawals from BitMart appeared to slow after the crypto exchange announced a phased shutdown, while its BMX (BMX) token deepened a steep weekly decline.
Key Points:
- Lookonchain said 58 wallets withdrew about $805,000 over more than 24 hours, with no withdrawals processed during its latest eight-hour tracking period.
- BitMart said withdrawals remain available, although compliance and security reviews may delay some requests.
- BMX traded near $0.057 on Monday after losing about 81.5% over seven days.
BitMart Withdrawals
Blockchain analytics account Lookonchain reported Monday that only 58 wallets withdrew roughly $805,000 from BitMart during a period longer than 24 hours.
The account said the exchange processed no withdrawals during the most recent eight hours it monitored, while several users on X separately described pending transactions, freeze notices and conflicting completion emails.
One user said an email marked a Tether (USDT) withdrawal as completed even though no transaction appeared on-chain and the account showed an “on-chain withdrawal freeze.” Another said a $30 test withdrawal remained pending for more than 30 minutes. The claims could not be independently verified.
BitMart said withdrawals would remain available during the wind-down, but warned that requests could face identity, device, address, trading-history and source-of-funds reviews. The exchange may also seek proof of address, wallet ownership or other supporting documents.
Cointelegraph contacted BitMart for comment but received no response before publication.
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BMX Shutdown Risk
BitMart stopped new registrations and deposits Sunday, restricted new spot orders and futures positions, and scheduled all trading services to end Aug. 26. The platform plans to cease operations on Jan. 31, 2027.
Wallets identified by Arkham as belonging to BitMart held about $69 million in crypto assets Monday, down from roughly $102 million on Jul. 6.
BMX traded near $0.057 Monday, according to CoinGecko, after falling about 81.5% in seven days. The token had traded around $0.31 late Friday before news of the shutdown became public.
The closure also revived questions about exchange acquisitions. Binance co-founder Changpeng Zhao said buying a centralized exchange can expose an acquirer to inherited security weaknesses, including backdoors left by earlier teams, making such deals harder to assess than conventional takeovers.
BitMart’s withdrawal performance now carries broader significance because an orderly closure depends on users receiving funds without prolonged disruption. The exchange’s asset decline, token collapse and tighter withdrawal reviews have increased scrutiny before trading ends in August and the platform closes in January.
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