{"id":9253,"date":"2026-07-28T02:15:33","date_gmt":"2026-07-27T23:15:33","guid":{"rendered":"https:\/\/handoli.com\/index.php\/2026\/07\/28\/bitmart-processed-just-63-withdrawals-after-closure-announcement\/"},"modified":"2026-07-28T02:15:33","modified_gmt":"2026-07-27T23:15:33","slug":"bitmart-processed-just-63-withdrawals-after-closure-announcement","status":"publish","type":"post","link":"https:\/\/handoli.com\/index.php\/2026\/07\/28\/bitmart-processed-just-63-withdrawals-after-closure-announcement\/","title":{"rendered":"BitMart processed just 63 withdrawals after closure announcement"},"content":{"rendered":"
<\/div>\n

Crypto researchers claim crypto exchange BitMart is processing withdrawals at a dramatically slow rate after it announced plans to shut down its operations next year.<\/p>\n

BitMart claimed<\/a> that after assessing its \u201coperating conditions, market environment, and future strategic direction,\u201d its operations would cease to exist on January 31, 2027 \u2014 a decision at odds with its seemingly bullish outlook.<\/p>\n

Deposits, new account registrations, and new trades have already been disabled, and by August 21, all services will cease except for withdrawals.<\/p>\n

It \u201cstrongly\u201d recommends that users submit withdrawal requests before August 26.\u00a0<\/p>\n

Additionally, the exchange warned that because it \u201cgenerally\u201d processes withdrawals based on the order of submission, \u201cprocessing times may be extended due to a high volume of withdrawal requests.\u201d<\/p>\n

Crypto researcher Quang noted<\/a> that in the 24 hours after BitMart\u2019s announcement, the exchange only processed 63 withdrawal requests, together worth around $800,000.<\/p>\n

They assessed that users with large balances will likely be waiting a long time, and that if you have anything less than $10, \u201cyou might as well say goodbye to it.\u201d<\/p>\n

\"\"<\/a>
BitMart\u2019s statement on withdrawals and KYC verification.<\/figcaption><\/figure>\n

Read more: European Union sanctions Justin Sun\u2019s HTX<\/a><\/em><\/p>\n

Crypto analyst Lookonchain also noted<\/a> that by 7:40 pm EST, the exchange had stopped processing withdrawals for the past eight hours.\u00a0<\/p>\n

The exchange\u2019s API appears to paint a slightly different picture, however. Despite shutting down, it still appeared<\/a> to have processed $1.8 billion in 24-hour volume.<\/p>\n

At time of writing, BitMart is ranked<\/a> third on CoinGecko for 24-hour volume, behind Binance with $6 billion and Poloniex with over $2 billion.\u00a0<\/p>\n

BitMart was supposed to last another eight years<\/h2>\n

BitMart had presented<\/a> a bullish outlook for its operations in this year\u2019s H1 report published earlier this month.\u00a0\u00a0<\/p>\n

A license to operate in Australia was secured, and the company was expanding in Europe via a partnership with Zero Hash.\u00a0<\/p>\n

Transaction volume was up 300%, BitMart\u2019s assets under management grew roughly \u201c256% period-over-period,\u201d and it had just launched its own prediction market.<\/p>\n

BitMart CEO Nathan Chow also said that, \u201cBitMart is eight years old this year. We intend to be here for the next eight, and we are building accordingly.\u201d\u00a0<\/p>\n

He said, \u201cH1 2026 was a market that punished platforms optimizing for the last cycle and rewarded platforms building for the next one. Our numbers reflect that choice.\u201d<\/p>\n

Nobody told Chow BitMart was closing\u00a0<\/h2>\n

Despite Chow\u2019s statements, he appears not to have gotten the memo about BitMart\u2019s closure.\u00a0<\/p>\n

After its announcement, Chow posted<\/a> on X claiming \u201cI was not involved in the decision announced today, not consulted on it, and not informed of it. I learned of it when it became public.\u201d<\/p>\n

\n
\n
\n

I want to clarify my position regarding BitMart’s notice on 26 July 2026 concerning the orderly wind-down of its trading platform operations.<\/p>\n

On 24 July 2026 I was informed that my employment as Global CEO was being terminated and that my offboarding would begin immediately. I\u2026<\/p>\n

\u2014 Nenter (@50Nent) July 26, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: BitMEX to close, but what about its $270M insurance fund?<\/a><\/em><\/p>\n

He says BitMart told him on July 24 that his role was being terminated and would start winding down immediately. For the next two days, he had no involvement with the company.\u00a0<\/p>\n

Chow thanked his colleagues whom he worked with, and said that he is concerned for BitMart\u2019s users and its employees.<\/p>\n

Month of failing crypto firms<\/h2>\n

Several crypto firms have made major negative announcements this month.<\/p>\n

Today, the crypto-based data storage firm Storj announced that it was filing for Chapter 11 bankruptcy.<\/p>\n

Crypto firm Movement Labs also filed for Chapter 11 bankruptcy, crypto exchange BitMex announced it was shutting down, and Justin Sun\u2019s HTX was sanctioned<\/a> by the EU. <\/p>\n

In Storj\u2019s case, the firm would continue<\/a> to operate after the restructuring and give token holders a stake in the newly restructured firm.<\/p>\n

Protos has reached out to BitMart for comment and will update this piece should we hear anything back. <\/p>\n

Got a tip? Send us an email securely via\u00a0Protos Leaks<\/em><\/a>. For more informed news and investigations, follow us on\u00a0X<\/a>,\u00a0Bluesky<\/em><\/a>, and\u00a0Google News<\/em><\/a>, or subscribe to our\u00a0YouTube<\/em><\/a>\u00a0channel.<\/em><\/p>\n

The post BitMart processed just 63 withdrawals after closure announcement<\/a> appeared first on Protos<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Crypto researchers claim crypto 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 \u201coperating conditions, market environment, and future strategic direction,\u201d its operations would cease to exist on January 31, 2027 \u2014 a decision at odds with […]<\/p>\n","protected":false},"author":1,"featured_media":9254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[147],"tags":[],"class_list":["post-9253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest"],"_links":{"self":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/comments?post=9253"}],"version-history":[{"count":0,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media\/9254"}],"wp:attachment":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media?parent=9253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/categories?post=9253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/tags?post=9253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}