BitMart processed just 63 withdrawals after closure announcement

Crypto researchers claim crypto exchange BitMart is processing withdrawals at a dramatically slow rate after it announced plans to shut down its operations next year.

BitMart claimed that after assessing its “operating conditions, market environment, and future strategic direction,” its operations would cease to exist on January 31, 2027 — a decision at odds with its seemingly bullish outlook.

Deposits, new account registrations, and new trades have already been disabled, and by August 21, all services will cease except for withdrawals.

It “strongly” recommends that users submit withdrawal requests before August 26.

Additionally, the exchange warned that because it “generally” processes withdrawals based on the order of submission, “processing times may be extended due to a high volume of withdrawal requests.”

Crypto researcher Quang noted that in the 24 hours after BitMart’s announcement, the exchange only processed 63 withdrawal requests, together worth around $800,000.

They assessed that users with large balances will likely be waiting a long time, and that if you have anything less than $10, “you might as well say goodbye to it.”

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