Last week, a BitMart user requested to withdraw USDT but, despite receiving a confirmation email, the transaction never showed up on the blockchain. This prompted concerns as others reported similar delays and unprocessed withdrawals during the exchange’s ongoing closure process.
According to blockchain analytics company Lookonchain, only 58 wallets managed to withdraw roughly $805,000 from BitMart within a 24-hour window. no withdrawals were recorded in the eight hours leading up to their report, raising suspicion about the smoothness of the withdrawal system right now.
Individual users have taken to social media to share their frustrations. One user noted their $30 withdrawal remained unprocessed for over 30 minutes, despite BitMart confirming withdrawal functionality remains active. Responses from the exchange on these issues remain limited.
BitMart has highlighted that withdrawals are still possible but are slowed down by extra layers of compliance and security checks. These include verifying customer identity, login devices, withdrawal addresses, trading histories, and funds’ origin. In some cases, users may be asked to provide additional documents such as proof of identity, address, funds origin, or wallet ownership.
Starting Sunday, BitMart stopped accepting new user registrations and deposits. They’ve also halted new spot trades and futures positions, with an intention to cease all trading by August 26 and fully shut down operations by January 31, 2027. This deliberate wind-down puts the focus on how efficiently BitMart can process withdrawal requests while maintaining customer trust.
Wallet data from Arkham indicates that approximately $69 million remains linked to BitMart wallets, underscoring the scale of funds affected by the current slowdown in withdrawals.
