- Crypto exchange BitMart announced it will cease operations by January 31, 2027, but is now processing withdrawals at a drastically slow rate.
- Researchers claim the exchange processed only 63 withdrawal requests, worth around $800,000, in the 24 hours following the announcement.
- BitMart’s CEO stated he was terminated and not informed of the closure decision, raising concerns about internal management.
Crypto researchers claim that 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 on January 31, 2027.
Deposits, new account registrations, and new trades have already been disabled. The exchange “strongly” recommends that users submit withdrawal requests before August 26.
Crypto researcher Quang noted that in the 24 hours after BitMart’s announcement, the exchange only processed 63 withdrawal requests worth around $800,000. They assessed that users with large balances will likely be waiting a long time.
Crypto analyst Lookonchain also noted that by 7:40 pm EST, the exchange had stopped processing withdrawals for the past eight hours. The exchange’s API appears to paint a slightly different picture, however, as it still appeared to have processed $1.8 billion in 24-hour volume.
BitMart had presented a bullish outlook for its operations in this year’s H1 report published earlier this month. Transaction volume was up 300%, and the company was expanding in Europe via a partnership with Zero Hash.
BitMart CEO Nathan Chow also said that, “BitMart is eight years old this year. We intend to be here for the next eight, and we are building accordingly.” However, after its announcement, Chow posted on X claiming “I was not involved in the decision announced today, not consulted on it, and not informed of it.”
Several crypto firms have made major negative announcements this month, including crypto exchange Bitmex and Justin Sun’s HTX. Protos has reached out to BitMart for comment and will update this piece should we hear anything back.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bitcoin hits $66K as US stocks rally on Iran pause
- n8n patches high-severity sandbox escape allowing OS command execution
- SpaceX QQQ weight to rise as lockup expires, float triples
- Strategy Adds $525M to Reserve, Halts Bitcoin Buys for Fifth Week
- Nvidia unveils AI defense coalition; Meta absent as founding member
