Withdrawals from crypto exchange BitMart appeared to slow after the company announced plans to wind down its operations.

On Monday, blockchain analytics account Lookonchain reported that only 58 wallets had withdrawn about $805,000 over more than 24 hours. The account also said BitMart had not processed any withdrawals during the most recent eight-hour period it tracked.

Some X users continued to report difficulties withdrawing funds. One user said they had received an email stating that a USDT withdrawal had been completed, although the transaction had not been processed and the account showed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal had remained pending for more than 30 minutes. These were individual claims and could not be independently verified.

BitMart’s ability to return customer funds smoothly remains a key test of the “orderly” wind-down it has promised. For users of a centralized exchange, the withdrawal process is the main point at which platform assurances can be checked against on-chain settlement, although individual delays can also result from internal reviews or security controls. Any extended disruption could affect whether users retain confidence in the process or seek to withdraw funds more urgently.

BitMart previously said withdrawals remain available but warned that requests may be subject to additional compliance and security reviews. The exchange said those checks may include reviews of customer identities, login devices, withdrawal addresses, trading histories and sources of funds. It may also request proof of identity, proof of address, documentation showing source of funds or evidence of ownership of the receiving wallet, according to its official notice.

Cointelegraph said it contacted BitMart for comment but did not receive a response before publication.

BMX token falls as BitMart prepares to close

On Sunday, BitMart announced that it would stop accepting new registrations and deposits while restricting new spot orders and futures positions. Trading services are scheduled to end on Aug. 26, and the platform is expected to cease operations entirely on Jan. 31, 2027.

Wallets identified by Arkham as belonging to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6. Such wallet data can show assets held at labeled addresses, but it does not by itself show the exchange’s total liabilities to customers or the status of every withdrawal request.

BitMart’s BMX token traded near $0.057 on Monday and had declined about 81.5% over seven days, according to CoinGecko. The token had traded around $0.31 late Friday before the exchange’s shutdown became public.

The closure also prompted discussion about whether larger exchanges could acquire smaller competitors. Binance co-founder Changpeng Zhao said in an X post that acquiring a centralized exchange is more complicated than buying other types of businesses because buyers may inherit security vulnerabilities, including backdoors left by previous teams. He added that acquisitions remain possible but require greater scrutiny.