BitMart Users Asked to Wait for Their Own Money as Withdrawal Queue Grows

BitMart users trying to move their cryptocurrency off the platform are being told to wait as the exchange processes a surge of withdrawal requests, with the company warning that it cannot provide an estimated completion time or speed up individual transactions.

The delay comes after BitMart announced plans to wind down its trading platform operations, prompting users to withdraw assets before key deadlines. The exchange said withdrawals remain available but acknowledged that the volume of requests has created longer processing times, leaving customers unable to accelerate, cancel or prioritise their withdrawals.

Users Face Uncertain Withdrawal Timeline

BitMart said in an update on July 27 that users who had already submitted withdrawal requests should wait while their transactions move through the processing queue.

“Due to the very high number of withdrawal requests, we cannot provide an estimated processing time,” the exchange said, adding that “there is no way to speed up, prioritize, or cancel a withdrawal request.”

The company said withdrawals are handled only by its internal withdrawal team and that moderators, Telegram administrators and community staff cannot approve or accelerate requests.

BitMart advised users not to submit duplicate withdrawal requests and said processing times could vary depending on asset type, blockchain network conditions, account verification and compliance reviews.

The exchange also warned users about potential scams during the transition period, saying it would not ask customers to pay fees to unlock accounts or receive faster withdrawal processing.

Exchange Cites Compliance And Security Reviews

BitMart said some withdrawals may require additional checks, including identity verification, account security reviews, withdrawal address assessments and source-of-funds verification.

The company said these measures are designed to meet regulatory and security requirements, including checks related to know-your-customer (KYC) information and transaction monitoring.

For users, however, the process means access to assets depends on the exchange completing internal reviews before withdrawals can be finalised.

Centralised cryptocurrency exchanges typically hold customer assets through their own custody systems, meaning users rely on the platform’s infrastructure to process withdrawals rather than directly moving funds through personal wallets.

BitMart Begins Orderly Wind-Down Process

BitMart, a global cryptocurrency exchange founded in 2018, announced on July 26 that it would begin an “orderly wind-down” of its trading platform operations.

The exchange said the decision followed an evaluation of its “operating conditions, market environment, and future strategic direction.”

Under the timeline published by BitMart:

• New user registrations and deposits began to be suspended on July 26.
• New trading activity was gradually restricted.
• Spot, futures and other trading services are scheduled to stop on August 26.
• The company plans to officially cease trading platform operations on January 31, 2027.

BitMart said users would continue to have access to their accounts for a period after operations end to review records and submit withdrawal requests under the applicable procedures.

Withdrawal Delays Highlight Exchange Custody Risks

The situation has renewed attention on how users access cryptocurrency held on centralised platforms during periods of operational change.

When customers store assets on an exchange, withdrawals depend on the platform’s systems, security checks and processing procedures. This differs from self-custody wallets, where users control their own private keys and can initiate transactions directly on supported networks.

BitMart has not said that customer withdrawals have been suspended or that assets are unavailable. The company has said requests are being processed according to submission order, compliance requirements and network conditions.

The exchange has also not provided details on the total number of pending withdrawal requests or the number of users affected by the backlog.

Users Await Further Information From Exchange

BitMart has encouraged customers to complete withdrawals as early as possible and retain records of account balances, transaction histories and withdrawal activity.

The company said users should rely only on official BitMart channels during the wind-down period and avoid individuals claiming they can provide faster processing.

For customers waiting for withdrawals, the immediate issue remains timing. BitMart has confirmed that requests are being processed but has not provided a timetable for when the current backlog will be cleared.