BitMart users are facing a frustratingly slow withdrawal experience following the exchange's announcement that it will shut down by January 31, 2027. Despite the looming closure, the platform is moving funds at a snail’s pace, with only 63 withdrawal requests processed in the first 24 hours after the news broke. These withdrawals amounted to roughly $800,000, but large account holders might find themselves waiting indefinitely.
Withdrawal delays amid shutdown
The exchange halted deposits, new account creations, and trades weeks ago, and from August 21, all services except withdrawals will stop. BitMart urges users to submit withdrawal requests before August 26, cautioning that due to the volume, processing times could be significantly extended.
Crypto analyst Quang highlighted that individuals with balances under $10 might effectively lose access to their funds, as the slow processing prioritizes larger requests but still struggles to keep up. Adding to concerns, another analyst observed that BitMart stopped processing withdrawals altogether for an eight-hour stretch on the evening of July 26.
Interestingly, BitMart’s API data tells a different story: despite the shutdown announcement, the platform still reported a 24-hour volume of $1.8 billion, keeping it ranked third on CoinGecko for trading volume just behind Binance and Poloniex.
Earlier this month, BitMart’s outlook appeared surprisingly optimistic. Their first half 2026 report boasted a 300% jump in transaction volume, a 256% increase in assets under management, and expansion efforts including a new Australian license and partnerships in Europe. CEO Nathan Chow spoke confidently about building for the next eight years, claiming the platform was strong despite a tough market.
However, Chow later stated on social media that he was not privy to the shutdown decision and only learned about it when it became public, revealing internal communication breakdowns within BitMart's leadership.
