BitMart blocks 61% of withdrawals as August 26 trading halt nears

BitMart has disabled withdrawals on 61 percent of its 3,898 coin-network combinations four days before the August 26 trading halt, our measurement of the public interface shows.

BitMart said in its July 26 closure notice that it was winding down "in an orderly manner," citing operating conditions, the market environment and future strategy. The exchange has since appointed White & Case as restructuring counsel and is weighing a phased restart alongside creditor distributions, with a roadmap expected by September 9, according to a company announcement.

The August 22 measurement at 15:53 UTC found 1,513 of 3,898 coin-network combinations enabled for withdrawal, or 38.8 percent. Only 65 spot trading pairs remain, down from the exchange's historical breadth of more than a thousand. Two pairs — Bitcoin against Tether and Solana against Tether — carry 92.7 percent of the roughly $292.2 million in 24-hour turnover across 49 pairs with reported volume.

The practical deadline is earlier than the official one. For 211 coin-network combinations, deposits remain open while withdrawals are blocked, meaning funds can still flow in but not out. Stellar and Bonk remain tradable but not withdrawable. Anyone holding these assets must sell into thin order books or risk being unable to move funds before the 05:00 UTC withdrawal cut-off on August 26.

Deposits open, withdrawals closed: 211 combinations point the wrong way

The currency list carries two switches for every entry — one for deposits, one for withdrawals. Of the 3,898 entries, 1,494 are enabled for deposit and 1,513 for withdrawal. For 2,174 entries both switches are off, for 1,283 both are on. The 211 combinations where deposits remain open but withdrawals are blocked include Shiba Inu on Ethereum, Stellar on its own network, The Graph, UMA, Amp, Ankr, Floki, Digibyte and XDC.

A withdrawal switch in the off position is an everyday state on any exchange — it also sits off during network maintenance, token migration, or after a long-ago delisting. But the 211 reverse cases are the more telling signal: money can still flow in, but no longer out. The reverse case — withdrawal open, deposit closed — occurs 230 times, the direction one expects in a wind-down.

Stellar and Bonk tradable but not withdrawable

Two assets appear on both lists on the wrong side of each. Stellar (XLM) trades in three pairs — against Tether, USD Coin and Ether — with deposits enabled on the Stellar network but withdrawals not. Bonk (BONK) trades against Tether, with both switches off for the Solana network. The only way out runs through a sale into a withdrawable asset. That route is thin: 24-hour turnover was around $17,275 for XLM against Tether and around $729 for BONK against Tether.

The withdrawal fee data adds another layer. For 988 of the 1,513 withdrawable entries — 65.3 percent — the fee sits at or above the minimum amount. Dogecoin charges 110 DOGE against a minimum of 20; Tron charges 16 TRX against roughly 14.5; Cardano charges 10 ADA against 2.8. Bitcoin's fee is 0.0002 BTC, roughly $15.38, and Tether on Tron charges 5 USDT.

The restructuring news adds uncertainty. BitMart's reference to "creditors" in its August 22 announcement marks a shift from the July 26 closure notice, which cited only operating conditions and strategy. The exchange has not disclosed the size of any obligations or how a distribution plan would be funded. The September 9 roadmap will clarify whether the August 26 trading deadline remains in force.

The BMX token has already priced in the worst: it fell about 58 percent in the 24 hours after the closure announcement, extending its year-to-date decline to roughly 83 percent. For users, the arithmetic is simpler. Anyone holding a three-figure balance should withdraw. Anyone holding tiny balances below the fee has three options: swap into a cheaper withdrawal asset before trading stops, bundle holdings into a single withdrawal, or write it off.

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