Other-News
By Maheen Hernandez
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Deadlines Users Need to Know. Deposits are already frozen. New account registrations are blocked.
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The CEO Didn't Know Either. Here's where it gets genuinely strange. Nathan Chow, BitMart's Global CEO, had been publicly…
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A Bad Month for Crypto Firms. BitMart's situation doesn't exist in a vacuum. The broader crypto sector has taken a beating this…
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BitMart is shutting down. The exchange announced it will cease operations by January 31, 2027, and the early numbers are not reassuring for users still holding funds there.
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In the first 24 hours after the closure announcement, BitMart processed only 63 withdrawal requests — totaling $800,000.
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Analyst Lookonchain added that BitMart halted withdrawals entirely for eight hours, as of 7:40 pm EST.
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Deposits are already frozen. New account registrations are blocked. All trading services stop on August 21 — but withdrawals stay open a bit longer, until August 26.
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No details yet on what happens to funds not withdrawn by the deadline.
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Here's where it gets genuinely strange. Nathan Chow, BitMart's Global CEO, had been publicly optimistic about the company's future just recently.
10 / 15
That's a serious disconnect. The person running the company didn't know the company was closing.
11 / 15
Read also: Checkout.com Wins UAE Central Bank Nod for 62% MENA Growth Push
12 / 15
BitMart had also been reporting strong numbers. The company put out an H1 report earlier this month showing a 300% increase in transaction volume and a 256% period-over-period…
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BitMart's situation doesn't exist in a vacuum. The broader crypto sector has taken a beating this month. Storj filed for Chapter 11 bankruptcy. So did Movement Labs.
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What's different about BitMart is the volume paradox. Most exchanges in distress see trading dry up before the announcement.
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See also: Triple-A Absorbs $11.8M Hit After Treasury-Wallet Breach, Says Client Funds Safe
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