According to blockchain analytics account Lookonchain, only 58 wallets withdrew approximately $805,000 in assets over a period of more than 24 hours. During the latest eight-hour window monitored by the account, virtually no withdrawals from BitMart-linked wallets were recorded. These figures show limited observable onchain withdrawal activity during the monitored period, but they do not by themselves prove that BitMart suspended all withdrawals. Several users also complained on X about delayed transactions. One user said they received an email stating that a USDT withdrawal had been completed even though the transaction had not been processed, while the account displayed an “onchain withdrawal freeze.” Another user said a test withdrawal of $30 remained pending for more than 30 minutes. These reports represent individual user claims and could not be independently verified.
Meanwhile, onchain data indicate that the value of assets held in wallets attributed to BitMart has declined significantly. According to an Arkham dashboard screenshot, the cluster held approximately $69 million in crypto assets on July 27, down from around $102 million on July 6.
BitMart Says Withdrawals Remain Available
In an attempt to reassure customers, BitMart said withdrawal services remain available but warned that some requests may be subject to additional compliance, security and risk-control reviews. The exchange may review customer identity information, login devices, IP addresses, receiving-wallet addresses, transaction histories and sources of funds. Users may also be asked to provide proof of identity, address, source of funds or ownership of the receiving wallet.
BitMart said processing times could be extended because of high withdrawal volumes, requests for additional documentation, blockchain congestion or compliance reviews. The exchange also stressed that submitting a withdrawal request does not mean that the review has been completed or that the transaction has been broadcast to the blockchain.
Former CEO Says He Was Unaware of Shutdown Plan
In another unusual development, Nenter “Nathan” Chow said BitMart informed him on July 24 that his employment as global CEO was being terminated and that his offboarding process would begin immediately. Chow said he had not participated in the company’s management or decision-making since that date. He also claimed that he had not been informed about the shutdown plan and learned about it only when BitMart published the announcement.
His comments represent Chow’s account of the events. BitMart has not publicly provided a detailed explanation of the management changes or directly responded to his claims.
BitMart Trading to End on August 26
As FORECK.INFO previously reported in its coverage of BitMart’s planned shutdown, the exchange has stopped gradually accepting new users and deposits while restricting new trading activity.
Futures accounts have been moved into reduce-only mode, preventing users from opening new positions, while spot markets are no longer accepting new orders. Copy trading, grid trading, API trading and other automated services are also being discontinued in stages.
All spot, futures and other trading services are scheduled to end at 01:00 UTC on August 26, 2026. BitMart plans to formally cease platform operations at 15:59 UTC on January 31, 2027. The exchange has urged users to close open positions, complete any required identity verification and submit withdrawal requests as early as possible.
BMX Price Falls More Than 81%
BitMart’s native BMX token has suffered the sharpest market reaction to the shutdown announcement.
At the time of verification, BMX was trading near $0.0577, representing a decline of approximately 81.1% over the previous seven days. Before the shutdown became public, the token had traded near $0.30 at the end of the previous week.
Shutdown Contrasts With BitMart’s Recent Expansion Claims
The decision to close the exchange came as a surprise because it sharply contradicted the growth plans BitMart had presented only weeks earlier. In its first-half 2026 report, BitMart claimed that assets under management in its asset-management division had increased by approximately 256% compared with the previous period.
The report, which included comments from Chow as CEO, outlined plans to expand prediction markets, tokenized assets, payment products and the company’s regulatory presence in several jurisdictions. It also stated that BitMart intended to continue building through the market downturn. In June, BitMart announced that a related entity had obtained an Australian Financial Services Licence. The exchange said it planned to expand its legal, compliance and operational teams in Australia.
At the time, the company claimed that it served more than 13 million users across over 180 countries and territories. These operating and user figures were supplied by BitMart and have not been independently audited in the materials reviewed for this article.
Shutdown Revives Debate Over Crypto Exchange Acquisitions
BitMart’s wind-down has also revived debate about possible mergers and acquisitions among centralized cryptocurrency exchanges. Responding to a question about why Binance does not simply acquire smaller exchanges, Binance co-founder Changpeng Zhao said buying a centralized trading platform is more complicated than acquiring a conventional company.
According to Zhao, a buyer could inherit unresolved security risks, including vulnerabilities or backdoors left by a previous development team. He added that acquisitions remain possible but require considerably more technical and operational scrutiny.
Conclusion: BitMart officially maintains that withdrawals remain available, but the combination of limited observed onchain outflows, unverified user complaints, management uncertainty and the collapse of BMX has intensified concerns about the exchange’s wind-down. Whether the delays reflect temporary compliance bottlenecks or more serious operational problems will depend on how consistently BitMart processes customer requests over the coming days.
