BitMart processes 300 ETH withdrawals hourly as wind-down chaos deepens

BitMart is processing roughly 300 ETH withdrawals per hour as the exchange races toward its Aug. 8 U.S. cutoff, while some institutional requests remain stuck for days without blockchain confirmations.

The throughput figure was cited by users tracking on-chain activity during the wind-down, which began July 26 at 01:30 UTC with gradual suspensions of new registrations, deposits, new positions and automated trading, per BitMart's published notices.

The exchange's U.S. users face a hard cutoff at 23:59 UTC on Aug. 8 — 18 days before the global trading halt at 01:00 UTC on Aug. 26. Outstanding orders must be cancelled, positions closed and balances withdrawn before Friday. After that, BitMart said it may impose further restrictions on affected accounts, with remaining funds handled under applicable law and its compliance procedures.

The wind-down has already produced visible strain. Scandic Coin (SNC), an approved institutional client, has three withdrawals totaling 22,153.79 USDT and 926,634.6 SNC stuck in "Processing" status since July 26 with no TXID assigned, according to PDF records captured from BitMart's interface on Aug. 3. A smaller 4,332.39 SNC withdrawal completed successfully on July 27, raising questions about differential treatment. BitMart intends to cease all trading platform operations on Jan. 31, 2027, at 15:59 UTC.

Withdrawal processing under strain

The 300 ETH-per-hour rate — roughly 7,200 ETH daily — suggests the exchange is moving funds, but not fast enough to clear the backlog before the U.S. deadline. BitMart has not published a maximum processing time for withdrawals, and requests may trigger identity verification, source-of-funds information, proof of destination wallet ownership or a security review. A request filed before the cutoff can therefore still be sitting in checks once the regional deadline has passed.

Scandic Coin's case illustrates the risk. The three pending transactions — 21,898.09 USDT, 926,634.6 SNC and 255.70 USDT, all on the Ethereum network — were created July 26 between 08:54 and 10:14 UTC. As of Aug. 3, all three showed zero out of 12 confirmations with no completion date and no TXID. The project first publicly demanded an explanation on July 28 and renewed its call on Aug. 3, stating it would pursue legal options if the funds are not released.

U.S. users face a separate, earlier deadline

The U.S. notice applies to anyone residing in or located in the United States, plus anyone treated as a U.S. user under BitMart's agreement and policies. Users may also need to convert or withdraw assets not supported by their destination wallets — a step that eats time. BitMart U.S. is a separate platform requiring a new account and its own identity checks, with eligibility depending on jurisdiction and asset support.

The exchange strongly recommends all users submit withdrawal requests before 05:00 UTC on Aug. 26. That is a recommendation, not a stated hard cutoff. Withdrawals not completed within the recommended period move into a dedicated procedure whose arrangements and documentation requirements have not been specified.

The practical read for U.S. users: treat Aug. 8 at 23:59 UTC as the moment the withdrawal must be finished rather than started. Confirm destination wallets support the exact tokens and networks held, bring identity and source-of-funds documentation when submitting, and begin any BitMart U.S. registration as a parallel task — approval isn't promised, and it won't come faster because it's needed.

The BitMart wind-down follows a pattern of exchange closures that have tested user confidence in centralized platforms. BitMEX, the derivatives exchange that pioneered perpetual swaps, announced its own shutdown on Sept. 23 after a failed two-year sale attempt, according to Blockonomi. The twin closures highlight the systemic risk of exchange-dependent tokens and may accelerate migration to decentralized platforms.

This article is for informational purposes only and does not constitute investment advice.