BitMart’s sudden shutdown triggers withdrawal delays and on-chain panic, echoing the ghosts of 2022
BitMart said it will shut down its trading platform after nine years, ending spot, futures and other trading services on Aug. 26 and formally ceasing operations Jan. 31, 2027. The closure follows recent service cuts and came despite signs of expansion just weeks earlier, including an Australian license and strong AUM growth. BitMart said the decision was based on operating conditions, market environment and strategy, without naming a specific trigger. The shutdown has been clouded by withdrawal complaints. On-chain data showed ETH and stablecoins moving out of tracked wallets before the announcement, while users and projects reported delays or inability to withdraw funds. BitMart says shutdown procedures, KYC, sanctions checks, wallet reviews and high volumes may slow withdrawals. The concerns echo earlier questions about blocked accounts and reserves. The timing also revives broader fears about centralized exchanges after 2022 failures such as Celsius, Voyager and FTX, where withdrawal freezes preceded collapse.
