Bitmart exchange is shutting down.

[Cryptomultiplier]

Bitmart is shutting down all operations after existing for 11 years due to a token crash.

Here are two lessons to learn from these happenings.

1. Don't have your portfolio in custodial storage; centralized platforms can decide to shut down at any time or be hacked for any reason, and our assets with them may be at risk. Instead, make use of a decentralized exchange or any cold storage to hold your assets.

2. For some of us that like investing on random tokens, they should serve a listen to us that we should always consider the risk in them than the benefits they wanted to render us, I'm very sure not all it's users will be informed of this shutdown warning update, if you must make use of an exchange then try to consider the ones that are more recognized like Bybit and Binance, but preferably a cold storage.

I do think Binance may be more of a risk to get involved with following some recent updates from them and it may be wise to leave it out when thinking of a better exchange to patronize.

What I do find somewhat hilarious about this update about BitMart is how users may be expected to undergo kyc verification and source of funds screening perhaps before allowing users withdraw their funds on the exchange.
So they don't want to continue business as usual, but want to make it difficult for users to withdraw their funds on their exchange by facing compliance reviews, that's weird, if you ask me.

[adultcrypto]

Token crash, the the hell did that happen. Even those that have hack and funds being stolen still found a way to pull back in the game. Seems this is way more than the consequences of a hack if they are actually shutting down. At least they are doing their customers the honours of telling them when they will actually shutdown. That's a good thing. Hope they find their foot again and get back into the game.

The manner in which they handled their shutting is very bad,  they did not allow people to withdraw their money as so many people reported about losing their money. When Bitrex shutdown their operation, they informed people ahead of time and allow people withdraw their money but that does not happen with Bitmart, I wonder why nobody is suing them already because they scammed their customers.

[Agathamay]

Token crash, the the hell did that happen. Even those that have hack and funds being stolen still found a way to pull back in the game. Seems this is way more than the consequences of a hack if they are actually shutting down. At least they are doing their customers the honours of telling them when they will actually shutdown. That's a good thing. Hope they find their foot again and get back into the game.

an exchange can decide to leave the market for several reasons and i think bitmarts reason for leaving is already justifiable enough and for the fact that, they had to inform their customers prior to the time t withdraw their funds is a show that, they mean no harm but i have also been wondering what becomes the fate of their users who didn't get this notification for several valid reason, because i have seen on  a whatsapp status of a friend about an account with over $100k was frozen because the user didn't withdraw and that is why i'm interested to know the fate of such users.

[Coyster]

because i have seen on  a whatsapp status of a friend about an account with over $100k was frozen because the user didn't withdraw and that is why i'm interested to know the fate of such users.

I just posted an update a few posts before yours. All Bitmart users are in the same situation, and it is that the exchange has blocked withdrawals, and as such nobody has been able to withdraw their money since they made their wind-down announcement. I'm not sure what you saw on Whatsapp, but if it is about Bitmart, then it likely has to with the issue of stuck withdrawals, rather than frozen assets.

[Pablo-wood]

The fact the advised/encouraged their customers to complete their KYCs if needed and close all positions shows their devotedness towards serving their customers. Withdrawal at this point is the best thing to do even without been told. Although as the human nature is many will be reluctant to withdraw until things becomes complex for them.

It is also worth noting that many scam format will arise as a result of this too which should be a wakeup call to avoid unofficial links to save the day and avoid being victims of the unknown.

[Agathamay]

because i have seen on  a whatsapp status of a friend about an account with over $100k was frozen because the user didn't withdraw and that is why i'm interested to know the fate of such users.

I just posted an update a few posts before yours. All Bitmart users are in the same situation, and it is that the exchange has blocked withdrawals, and as such nobody has been able to withdraw their money since they made their wind-down announcement. I'm not sure what you saw on Whatsapp, but if it is about Bitmart, then it likely has to with the issue of stuck withdrawals, rather than frozen assets.

I didn't notice your previous post and had to go check to confirm things myself and it's truly a pity for the exchange and yes I agree with you that they are confused because at this point, they seem really confused and if I'm to suggest, then I would say that, he can lease it out to other exchanges and possibly collaborate with those other big exchanges or better still try to go heavy on marketing.

So do you mean that, none of their users have been able to make successful withdrawals since after their announcement?

[Female King]

Na the same exchange me self been dey use for this forum although one of my friend been don tell me about am say them go de shut down soon before i come later switch to another exchange way i dey currently use now, i believe say i for don loss money if not for the earlier information i first got from a friend of mine, thank you Op too for bringing up this vital information here mk people way dey also use this Bitmart exchange also de aware of this development, information is really power am currently using OKX now and i de enjoy am.

[Justbillywitt]

I do think Binance may be more of a risk to get involved with following some recent updates from them and it may be wise to leave it out when thinking of a better exchange to patronize.

If you are thinking of leaving out Binance in your choice of exchanges, I wonder the exchange that you might be interested in patronizing. Binance has been the biggest exchange in the industry for years now and I don’t think I have had any issues with using Binance. Even when they have updates, they make sure they communicate with their customers on time and make sure they give them enough time to comply. I have seen many Bitmart users complaining of not being informed by the exchange of their decision to shut down. You can never hear such thing with Binance. No centralized exchange is perfect and risk free to use, but with what I have seen over the years with Binance, I will always prefer and refer it to people who are in need of a centralized exchange to use.

What I do find somewhat hilarious about this update about BitMart is how users may be expected to undergo kyc verification and source of funds screening perhaps before allowing users withdraw their funds on the exchange.
So they don't want to continue business as usual, but want to make it difficult for users to withdraw their funds on their exchange by facing compliance reviews, that's weird, if you ask me.

What Bitmart is doing is criminal behavior if I must give my honest assessment. If the users already passed kyc before using their account with them, if you are shutting down, allow them to withdraw their money without asking them for another kyc. It’s very wired honestly. I have an account with Bitmart, but you can’t see me keeping any amount with centralized exchanges. Once my business there for the day is done, I take my money out.

[Doan9269]

The fact the advised/encouraged their customers to complete their KYCs if needed and close all positions shows their devotedness towards serving their customers. Withdrawal at this point is the best thing to do even without been told. Although as the human nature is many will be reluctant to withdraw until things becomes complex for them.

It is also worth noting that many scam format will arise as a result of this too which should be a wakeup call to avoid unofficial links to save the day and avoid being victims of the unknown.

The platform has done its best to ensure that it disseminates information to all its users and keeps them informed. However, just as you have said, some will still claim not to be informed because, definitely, not everyone we eventually end up taking their assets away from them; negligence and ignorance have caught up with some users until the deadline has elapsed and they are unable to access the platform any longer. This is why we often say that using the centralized platform to store your assets is not worth doing, because at the end of the day, some who were informed earlier but couldn't complete their kyc means still end up stuck on the road to the deadline and still forfeit their assets.

[Coyster]

Na the same exchange me self been dey use for this forum although one of my friend been don tell me about am say them go de shut down soon before i come later switch to another exchange way i dey currently use now, i believe say i for don loss money if not for the earlier information i first got from a friend of mine,

Are you sure about what you are saying? Nobody has been able to withdraw their money from Bitmart since they announced they were going to shut down. It is looking very obvious that they are insolvent, because they are also owing their workers salaries. How were you able to move your funds to another exchange within this time?

So do you mean that, none of their users have been able to make successful withdrawals since after their announcement?

Yes!

[coinlary]

Na the same exchange me self been dey use for this forum although one of my friend been don tell me about am say them go de shut down soon before i come later switch to another exchange way i dey currently use now, i believe say i for don loss money if not for the earlier information i first got from a friend of mine,

Are you sure about what you are saying? Nobody has been able to withdraw their money from Bitmart since they announced they were going to shut down. It is looking very obvious that they are insolvent, because they are also owing their workers salaries. How were you able to move your funds to another exchange within this time?

He/She is actually going to have a hard time answering that. From his post, he seems to be claiming that he got a pre-alert before bitmart announcement it self.

Otherwise,  the king of Females   need to explain how they got their assets out of their exchange account after  the announcements.  The only recent news i'm aware is that,  they are considering resumption of some of their operations .

Created a thread about it not too long ago

[Son Of Blockchain (SOB)]

OP is actually going to have a hard time answering that. From his post, he seems to be claiming that he got a pre-alert before bitmart announcement it self.

What concerns OP with what Female King said, are you confused? That question from Coyster was meant for Female King and not me, I only passed an information when Bitmart earlier announced they're shutting down and even dropped a link from their official X handle so people can confirm the information.
 I don't know how Female King managed to withdraw from her wallet, it's left for her to come explain how he or she managed to withdraw from her Bitmart wallet, it may be of help to others who can't.

[coinlary]

OP is actually going to have a hard time answering that. From his post, he seems to be claiming that he got a pre-alert before bitmart announcement it self.

What concerns OP with what Female King said, are you confused? That question from Coyster was meant for Female King and not me, I only passed an information when Bitmart earlier announced they're shutting down and even dropped a link from their official X handle so people can confirm the information.
 I don't know how Female King managed to withdraw from her wallet, it's left for her to come explain how he or she managed to withdraw from her Bitmart wallet, it may be of help to others who can't.

OP doesn't necessarily have to be the thread owner. It depends on how it's  been used in a context and the way I use it means I'm referring  to @Female King and not you. Seems that will cause confusing , so it's now fixed .

Suggestion : I think you should also update the LB thread to keep LB members updated about the situation on ground . I didn't mean editing the first post I mean just bumping your  thread with a new post (which would be an update).

[Mayor of ogba]

Na the same exchange me self been dey use for this forum although one of my friend been don tell me about am say them go de shut down soon before i come later switch to another exchange way i dey currently use now, i believe say i for don loss money if not for the earlier information i first got from a friend of mine, thank you Op too for bringing up this vital information here mk people way dey also use this Bitmart exchange also de aware of this development, information is really power am currently using OKX now and i de enjoy am.

I saw a thread in altcoin discussion section of this forum, and the thread was all about Bitmart and two other exchanges that want to shutdown their operations, in the post Bitmart and the two other exchanges gave a timeframe when their users should withdraw their funds, so even though your friend didn't alert you of Bitmart shutting down operation you wouldn't have lost your funds that's on Bitmart exchange; the only way you would have lost your funds, is if you didn't withdraw it within the timeframe Bitmart exchange gave for its users to withdraw their funds.

[Son Of Blockchain (SOB)]

Edited..

Edited...

OP doesn't necessarily have to be the thread owner. It depends on how it's  been used in a context and the way I use it means I'm referring  to @Female King and not you. Seems that will cause confusing , so it's now fixed .

Suggestion : I think you should also update the LB thread to keep LB members updated about the situation on ground . I didn't mean editing the first post I mean just bumping your  thread with a new post (which would be an update).

It's good you fixed it, to avoid confusion cause when i saw (OP) i thought you were referring to me, anyway thanks for your suggestion, it makes lots of sense and I'll do the needful, I've not checked their official X handle where i got the information i posted, but i'll do later to get more informations on the latest situation on ground.
 Bitmart is a confused exchange, why announce that they're shutting down then talk about a partial resumption later on, this would make them look more suspicious, coupled with customers they're yet to give acess to withdraw their funds.

[obuoma]

Na the same exchange me self been dey use for this forum although one of my friend been don tell me about am say them go de shut down soon before i come later switch to another exchange way i dey currently use now, i believe say i for don loss money if not for the earlier information i first got from a friend of mine, thank you Op too for bringing up this vital information here mk people way dey also use this Bitmart exchange also de aware of this development, information is really power am currently using OKX now and i de enjoy am.

I saw a thread in altcoin discussion section of this forum, and the thread was all about Bitmart and two other exchanges that want to shutdown their operations, in the post Bitmart and the two other exchanges gave a timeframe when their users should withdraw their funds, so even though your friend didn't alert you of Bitmart shutting down operation you wouldn't have lost your funds that's on Bitmart exchange; the only way you would have lost your funds, is if you didn't withdraw it within the timeframe Bitmart exchange gave for its users to withdraw their funds.

I think Bitmart stopped processing withdrawals long before the deadline they gave, there were many people that placed withdrawal but were denied. If you have been following the trend on X, you would see many people voicing their frustration about the whole thing, some even shared screenshot of their back office and their funds stuck there when the deadline given was not over. Bitmart did not act professionally in their handling of that shutdown that is why most people are having the opinion that they did that to steal people's money.

[coinlary]

I saw a thread in altcoin discussion section of this forum, and the thread was all about Bitmart and two other exchanges that want to shutdown their operations, in the post Bitmart and the two other exchanges gave a timeframe when their users should withdraw their funds, so even though your friend didn't alert you of Bitmart shutting down operation you wouldn't have lost your funds that's on Bitmart exchange; the only way you would have lost your funds, is if you didn't withdraw it within the timeframe Bitmart exchange gave for its users to withdraw their funds.

Maybe you should drop the link to the thread here .

Bitmart never made any announcement before their official announcement on 26 of July, and they also announced on X same day with the deadline being same day .

The announcements started with complete suspension of all service offered to US users , followed by Automated market making service, then spot trading and finally the important services that made up their exchage.

This announcement were in order starting from 23rd of  July ,even if any of their customers was active with the announcements, there's  still no guarantee they would have been able to withdraw any amount starting from that 23rd.