BitMart users are facing stalled withdrawals just days after the exchange announced it would cease all operations by January 31, 2027. Despite keeping login access active post-trading halt, only 58 wallets managed to withdraw roughly $805,000 within 24 hours following the shutdown notice, signaling significant liquidity and operational troubles.
Withdrawal Bottlenecks and User Complaints
Since BitMart stopped accepting new deposits and registrations, users have reported delays and complications in withdrawing their funds. The exchange warned that withdrawal requests might undergo heightened scrutiny involving identity checks, device verification, and source of funds review. Some users shared experiences of pending withdrawals for extended periods and receipt confirmations for transactions that never processed. Blockchain data confirmed a period of zero withdrawals during an eight-hour window, intensifying concerns about access to funds. BitMart’s wallets still hold about $69 million in crypto, down from $102 million earlier this month.
BMX Token Plummets Following Shutdown Announcement
The platform's native BMX token fell dramatically, crashing 81.5% within a week to trade near $0.057 after hovering around $0.31 before the news broke. The sudden collapse mirrors the broader turmoil within BitMart, which caught even internal leadership off guard. Global CEO Nathan Chow revealed on social media that he was fired on July 24 and had no involvement in the decision to wind down operations, which was made public two days later. His ousting and the company's abrupt pivot contrast sharply with BitMart's earlier reports of a 256% growth in its asset-management sector and expansion plans into prediction markets and tokenized assets.
