Crypto exchange BitMart is facing heightened scrutiny after its wallet activity slowed as the company moved to shut down its services. While BitMart says customer withdrawals can still be processed, the company has also signaled that the process may take longer because of additional compliance and security checks, leaving users watching closely for signs of normal withdrawal access.

According to blockchain analytics platform Lookonchain, only 58 wallets withdrew about $805,000 from BitMart over a 24-hour period. Lookonchain also said no withdrawals were made in the previous eight hours, adding to concerns about the status of the withdrawal process.

Several users on X also said they experienced problems withdrawing funds. One user said they received an email stating that a USDT withdrawal had been completed, but the transaction did not appear on the blockchain.

I made a withdrawal of my usdt several hours ago, I get a confirmation email that says my withdrawal has been completed but the withdrawal was not processed, I checked my bitmart account and saw "on-chain withdrawal freeze" what can I do, I sent a mail but no feedback yet. — Jarek | CTO (@nealsantos001) July 26, 2026

I made a withdrawal of my usdt several hours ago, I get a confirmation email that says my withdrawal has been completed but the withdrawal was not processed, I checked my bitmart account and saw "on-chain withdrawal freeze" what can I do, I sent a mail but no feedback yet.

Another user said a $30 withdrawal had still not been completed more than 30 minutes after the request. These were individual complaints and have not been independently verified.

I have about a $850 on @BitMartExchange i decided to try taking out $30 out to be on a safe side before taking it all out at once. It's been over 30mins now and the withdrawal haven't gone through @BitMartExchange why is your platform not being able to process my withdrawal? pic.twitter.com/fZG6gXMtmn — Szymanski (@Szymansk_ii) July 26, 2026

I have about a $850 on @BitMartExchange i decided to try taking out $30 out to be on a safe side before taking it all out at once. It's been over 30mins now and the withdrawal haven't gone through @BitMartExchange why is your platform not being able to process my withdrawal? pic.twitter.com/fZG6gXMtmn

BitMart Warns of Withdrawal Delays

BitMart has said withdrawals will remain possible even after the service shutdown begins. Before approving any transaction, the exchange said it will review customers’ identities, login devices, withdrawal addresses, trading history, and the origin of funds. In some cases, customers may also be asked to provide proof of identity, proof of address, proof of origin of funds, or proof of wallet ownership.

The added review steps help explain why some users may see slower processing during the wind-down, and they make the withdrawal flow a key point to watch as the shutdown progresses. How BitMart handles withdrawals during this period will be closely watched, as it may affect customer trust.

Exchange Begins Orderly Shutdown

On Sunday, BitMart announced that it was immediately shutting down new user registration and deposit functions. The exchange also said it would restrict any new spot trades and futures positions.

According to the company’s official timeline, trading activities will stop by Aug. 26, and the exchange will fully shut down by Jan. 31, 2027.

Data from Arkham shows wallets connected to BitMart held about $69 million worth of crypto funds on Monday, down from $102 million on July 6.

BMX Token Sees Sharp Decline

BitMart’s native token, BMX, fell sharply after the company announced it was shutting down operations.

CoinGecko data shows BMX trading at $0.057 on Monday, down 81.5% over the past seven days. Before Friday, when the closure was announced, BMX was trading at $0.31.

CZ Comments on Exchange Acquisitions

The shutdown has also prompted discussion about whether large cryptocurrency exchanges could acquire distressed smaller exchanges.

Binance founder Changpeng Zhao (CZ) said acquiring a centralized crypto exchange is more complicated than buying other types of companies because the buyer may face security risks, including backdoors left by former developers.

Acquring a CEX is not as easy as other businesses, what happens if a hack happens after acquisition? Old back door left by a previous team or new issue? Acquisitions are still possible, just much more complicated. — CZ 🔶 BNB (@cz_binance) July 26, 2026

Acquring a CEX is not as easy as other businesses, what happens if a hack happens after acquisition? Old back door left by a previous team or new issue? Acquisitions are still possible, just much more complicated.

He added that acquisitions can still happen, but only after extensive security review.