BitMart Withdrawal Delays Persist as Exchange Winds Down Operations

Cryptocurrency exchange BitMart announced in late July 2026 that it would orderly wind down its trading platform, halting new registrations and deposits immediately and ending all spot and futures trading by late August, with a full shutdown slated for early 2027. The abrupt closure sparked a flood of withdrawal requests that have overwhelmed the exchange’s processing system. BitMart warned users that it cannot provide estimated processing times and that all withdrawals are subject to extensive manual compliance checks under anti‑money‑laundering and know‑your‑customer regulations, leaving users unable to track or expedite their funds.

The BitMart shutdown follows BitMEX’s own announcement to cease operations on 23 September 2026 after eleven years of service. The concurrent closures have reignited debate over the safety of assets held on exchanges, prompting heightened interest in Proof of Reserves (PoR) mechanisms. Platforms such as Ourbit are promoting open‑source, Merkle‑tree‑based PoR systems that allow users to independently verify that an exchange’s on‑chain assets cover its liabilities. Industry leaders like Binance and OKX have adopted regular, verifiable PoR reports, while Ourbit highlights third‑party audits by security firms such as Hacken.