BitMart’s planned wind-down is beginning to appear in customer withdrawal activity, according to blockchain monitoring data and continuing user reports. Although withdrawals remain available, third-party analytics suggest activity slowed sharply after the exchange moved toward ending services.

On Monday, Lookonchain reported that only 58 wallets withdrew approximately $805,000 over more than 24 hours. The blockchain analytics account also said BitMart had not processed any withdrawals during the most recent eight-hour period it tracked. Separately, several users on X described delays or inconsistencies in withdrawal processing, though those claims were not independently verified.

Withdrawal activity slows as wind-down proceeds

Lookonchain’s Monday update presented the slowdown through wallet-level monitoring, saying 58 wallets had withdrawn about $805,000 over a little more than a day. The same report said BitMart did not process withdrawals during the latest eight-hour segment analyzed by the firm, indicating a period of very limited or no observed withdrawal throughput during the wind-down transition.

Blockchain monitoring can show transfers from wallets attributed to an exchange, but it does not always reveal the internal reason a specific customer request is pending, approved, frozen, or rejected. That makes the combination of on-chain activity, exchange notices, and customer reports especially important during a platform closure, while also leaving gaps that only the exchange can clarify.

Beyond the analytics snapshot, social media users continued to post about withdrawal issues. One X user said they received an email stating that a USDT withdrawal had been completed, while their account still showed an “on-chain withdrawal freeze” and the transaction was not processed on-chain. Another user claimed a $30 test withdrawal had remained pending for more than 30 minutes. These accounts were presented as individual user experiences and were not confirmed by independent evidence in the reporting.

For customers, the central operational issue is whether BitMart can maintain consistently processed outflows while carrying out what it has described as an orderly wind-down. Even when withdrawals remain technically enabled, longer processing times can increase concern if customers encounter internal holds, address reviews, or longer verification queues than they previously experienced.

BitMart says withdrawals remain available, with additional checks possible

BitMart previously told customers that withdrawals would continue to be supported while operations are wound down. However, the exchange warned that withdrawal requests could be subject to additional compliance and security controls. Its notice said review processes may include checks of customer identity details, login devices, withdrawal addresses, trading history, and sources of funds.

The exchange also said it may request further proof, including identity verification, confirmation of address details, evidence related to the source of funds, and, where relevant, proof of ownership of the receiving wallet. That framework provides one possible explanation for why withdrawals could appear slower even if the exchange intends to process them after review.

Cointelegraph attempted to obtain comment from BitMart but did not receive a response before publication. As a result, customers and observers are relying on the exchange’s published guidance, third-party blockchain tracking, and user reports to evaluate whether checks are proceeding normally or becoming a bottleneck.

Trading to end in stages before full platform closure

The scrutiny of withdrawals follows BitMart’s announcement of a staged exit from its business. In its Sunday update, the exchange said it would stop accepting new registrations and deposits, while also restricting new spot orders and futures positions.

Under the schedule announced at the time, trading services are expected to end on Aug. 26. BitMart also said the platform will cease operations entirely on Jan. 31, 2027. The longer shutdown timeline places attention on the exchange’s ability to keep customer withdrawals functioning, particularly during the period leading up to the Aug. 26 end of trading.

Blockchain data adds another view of the wind-down. Arkham, through its entity explorer, attributed about $69 million in crypto assets to BitMart-linked wallets on Monday, down from roughly $102 million on July 6. Wallet attribution does not by itself establish which assets are available to customers at any specific time, but the data shows a decline in assets associated with wallets identified as linked to BitMart during the closure process.

BMX declines as questions over exchange consolidation resurface

BitMart’s token, BMX, also continued to decline after the shutdown plans became public. CoinGecko data showed BMX trading near $0.057 on Monday and down about 81.5% over seven days. Earlier in the week, the token was reportedly around $0.31 late Friday after BitMart’s shutdown plans had been disclosed.

The closure has also renewed discussion about consolidation among centralized exchanges. Changpeng Zhao, Binance co-founder, commented on X that acquiring a centralized exchange can be more complicated than buying other types of businesses. He said buyers could inherit security vulnerabilities, including backdoors left by prior teams, and added that acquisitions are possible but require greater scrutiny.

In that context, BitMart’s wind-down may affect how any potential acquirers evaluate operational continuity, customer asset-handling processes, and technical risk. Even when an acquisition may be possible in principle, verifying controls and safeguarding assets can present significant practical challenges, particularly for platforms already reducing activity and limiting new access.

As the wind-down continues, customers and market participants are watching whether withdrawal processing returns to steady throughput as checks are completed, and whether third-party monitoring shows sustained transaction activity rather than intermittent gaps. Until BitMart demonstrates consistent outflows across different assets and user reports, withdrawal processing is likely to remain a central issue in the exchange’s final stages.