More reasons to have your coins in a self-custody wallet.

[Jaycoinz]

Thought I should share my experience with you guys; at least some people might learn and correct themselves.

So, I have used this particular exchange BITMART for some time now. I haven't had any issues with my dealings with them until, I guess, a few days ago when I received some coins to the exchange but unfortunately I had no idea whatsoever that they were shutting down all their services very soon, infact on that particular day, being the 26th, was the deadline for suspending deposits on the exchange.

What really annoyed me the most was the fact that they were no major information about this whole update sent out to their customers, at least pre-informing them through emails or something of the sort to get people aware of the situation on ground and again, even the update they posted about the issue was done exactly that same day they were suspending all deposits, being 26th July

https://x.com/i/status/2081197305491845201.

Now there are thousands of users left stranded trying to actively withdraw their coins from the exchange, and withdrawals are being delayed even till today because on their official Telegram handle, lots of users are desperately complaining about their poor response and management of the entire situation.

Now I have some curious questions too?

1. Was it ethical for them to actually post an update about such vital information on the particular day they were suspending deposits to the exchange?
2. Also for my case, my Bitcoin never actually got credited to BitMart account although it has already been confirmed on the Bitcoin blockchain. My balance is showing zero, so curious to know if this actually due to a suspension on deposit?
3. What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

lesson here:
Never keep your coins in an exchange because the coins are literally not your own @NOT YOUR KEY, NOT YOUR COINS

My situation would have been worse if I had stored a tangible amount of coins in that exchange, so everyone should learn..

Also wouldn't have found out about this update if not for a thread created in my local board, because I was initially confused about why the delay in my deposit reflecting on my account.

https://bitcointalk.org/index.php?topic=5589469.0

[notocactus]

So, I have used this particular exchange BITMART for some time now.

lesson here:
Never keep your coins in an exchange because the coins are literally not your own @NOT YOUR KEY, NOT YOUR COINS

My situation would have been worse if I had stored a tangible amount of coins in that exchange, so everyone should learn..

Forum has many topics about that.

A pinned thread by theymos after Terra, FTX catastrophes.

• Reminder: do not keep your money in online accounts
• 47 crypto exchange shutdown by Germany
• Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users
• Be careful using Binance & Centralized Exchange
• Sanctioned Services and the service traceability to this forum, Any danger?
• Events made you scare about custodial wallets, centralized exchanges.
• Recent events should make everyone withdraw all their coins to their own wallets: Part 1
• Recent events should make you withdraw all your coins to your own wallet: Part 2
• Recent events should make you withdraw all your coins to your own wallet: Part 3
• Get your coins out of custodial wallets now: Part 4

[Hazink]

Now I have some curious questions too?

1. Was it ethical for them to actually post an update about such vital information on the particular day they were suspending deposits to the exchange?

I don't use Bitmart, so I want to confirm that aside from the news which was posted on the 26th of this month in their exchange app that there was no form of notification dropped, which you might have missed, because it's not really nice for an exchange to stop accepting deposits and still announce it the same day.

Or it could be that you have already bookmarked the address or sent it to who sent the deposit to you. If not once you clicked on deposit to generate the address, the warning could have also popped up. If the latter is what happened, then it's a warning for you to stop saving exchange address only generate it each time you want to make use of it.

2. Also for my case, my Bitcoin never actually got credited to BitMart account although it has already been confirmed on the Bitcoin blockchain. My balance is showing zero, so curious to know if this actually due to a suspension on deposit?

Once they have paused their deposit, they will disable their algorithm which detects incoming deposits and makes it available in your balance. Now it will have to be done manually. You need to contact them if you still have a way as long as their option for customers to withdraw is open, you still have a chance of getting your money back.

3. What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

Competition they can't keep up with, regulatory issues etc could be anything which was also discussed in some of the exchange shutdown threads.

[letteredhub]

Now I have some curious questions too?

1. Was it ethical for them to actually post an update about such vital information on the particular day they were suspending deposits to the exchange?
2. Also for my case, my Bitcoin never actually got credited to BitMart account although it has already been confirmed on the Bitcoin blockchain. My balance is showing zero, so curious to know if this actually due to a suspension on deposit?

I don't support the idea of having our coins in a centralize exchange due to how risky it can be. But I like ask you some few questions that might be helpful to my curiosity.

Did bitmart sent notification messages to their customers about the closure of their platform with regards to deposited, withdrawal and trading instructions? Or you didn't get any information
concerning this until the time of your deposit?

They first made an update about their impending closure days ago and if you follow them or had checked on X you would have seen the updates.
I have this habit of checking for any new updates about a Cex before making a transaction to deposit funds just to avoid having this experience you're making of.

3. What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

It doesn't matter how long a Cex has been operating it can still get collapsed for different obvious reasons. Mitgox, FTX all bite the dust when we didn't expected, and just like Bitmart now so would some other famous Cex but the question is of when.

[Ronsbit]

It is unfortunate that many members after hearing the  "not your keys not your coin" slogan here on this platform, they still keep their assets with centralised exchange after knowing the full risk they are bound to face. I wonder if the previous exchange hacks did not teach them a lesson. Even this same exchange mentioned by OP suffered hack a few years ago still yet that did not teach them a lesson not to keep their assets with centralised exchange.

Sorry about your loss, you are a high rank member here and should have had idea about all these happenings and also the slogan here on this platform which you should have held onto by keeping your assets under your custody no matter how small or big it is. This is a lesson learnt the hard way and I also believe you will not keep any asset of yours with any centralised exchange again.

[salad daging]

I have a Bitmart account but never received a notification about the shutdown via email, but instead they announced in X suddenly arrived along with the deposit, this registration is a bit strange indeed.

The usual notification is done via email and other social media, there is always a pause with the deposit.
Suppose today announced plans shutdown deposit suspension will be done 1 week later or 1 month.

What is Bitmart collapse? But they chose in an unusual way?
Many people complain about this, there continue to be those who share that bitmart Onchain tracking stops not processing withdrawals, I do not know if this is true or not.

With you, have already sent an email to their support?

[promise444c5]

Well you made your point..

It’s weird with the kind of deadline they set for the deposit , restriction of new registration is totally fine..they must be at  the edge of falling already..

Never used BITMART though so I can’t really tell their reputation but with this it self, they already lose some reputation.. what reputation do they even need at the moment , they probably will just hold on to some money till they shutdown their service completely .

Sorry for your loss loss

[Cookdata]

1. Was it ethical for them to actually post an update about such vital information on the particular day they were suspending deposits to the exchange?

The question you should be asking is does centralized exchanges understand what ethics is? All my life with exchanges, they don't know what ethics is, they operate in the ways and in their own interest.

I went through their terms and conditions to see if there is anything of such were they can terminate the exchange without quick notice, I didn't see such, but maybe there is, and you agree to the exchange during registration, and they don't see it as an offence.

2. Also for my case, my Bitcoin never actually got credited to BitMart account although it has already been confirmed on the Bitcoin blockchain. My balance is showing zero, so curious to know if this actually due to a suspension on deposit?

I'm asking the same question as to why an exchange with this total volume wants to quit. Everything about this shutdown is not convincing, but you should contact customer support. The last time I checked, the withdrawals were disabled and later announced it's back. Maybe you will have to undergo a new kyc verification before you can get your deposit. Shitty exchange right!

3. What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

They have the resources to stay in the business for as long as they could, they raised some millions prior to the launch, they have utility tokens they sell when they want, they may be involved in insider trading, they also make money from trading fees and listing fees.

lesson here:
Never keep your coins in an exchange because the coins are literally not your own @NOT YOUR KEY, NOT YOUR COINS

The first thing I learnt here and has been my personal text for more than 4 years and counting......

[MorganaX]

If they truly didn't send any means of notification before the announcement of suspending deposits on the exact same day of the announcement, then it's very shady from the exchange.

I am personally not using this exchange, but I have heard about it before, the manner in which they seized deposits from customers is going to cause a bad reputation, but I guess they won't be needing it since they are totally shutting down for all we know, maybe this was part of their entire scheme, I mean to go down with some of their customers' funds.

Just contacting their customers support to see maybe their is some sort of way they can manually send the deposit to any other wallet of yours that you are using.

[OcTradism]

The first thing I learned and has been my personal text for more than 4 years and counting......

"Not your keys, not your coins", I am not sure where you got it but this saying was possibly talked a first time by Andreas Antonopoulos.
Bitcoin Q&A: Not your Keys, Not your Coins

Years ago, cryptosec.info was a project that announced in this forum.
[GUIDE] Bitcoin/Cryptocurrency Wallets and it's risks [UPDATED: 10/8/2018]. Years later they changed their website domain from cryptosec.info to chainsec.io
CryptoSec.info is now ChainSec.io

Their site is a good place to get recommendations on security.

[casey15]

For your Bitcoin deposit if it has been confirmed on the blockchain, but your BitMart balance remains zero then it probably means that the exchange has suspended the deposit feature and new deposits are no longer accepted. The Bitcoin Blockchain has fulfilled its purpose so the problem is coming form the exchange internal system.  Hopefully their support team will be able to recover and credit the funds but this can take a while and may not even happen.
 I believe that BitMart actually handled this poorly....If it is a planned shutdown the users should have been notified many times in before now maybe through email or their in-app messages and even their official social media handles . It's bad business to announce such a significant shift on the same day deposits were suspended.

[Odogwu-Blockchain]

This might be the cause of them shutting down the exchange, maybe will create something new in the future, you know.

What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

Since no fraud or loss of user funds has been reported, I don't think there's a problem with these platforms announcing their closure.
Competition or legal complexities might be the reason, but new alternatives will inevitably emerge.

[batang_bitcoin]

1. I do not use that exchange but having no email to notify their customer tells one thing of what type of exchange they are. Maybe it's on their thought that by just announcing it all at once will make everyone informed. Little did they know that not each user is active on various social platforms for updates and mainly checking emails for updates.
2. When did you deposit? if it's after or during the time they have announced suspension of deposits then I guess that you should contact the support and expect a refund.
3. Financial issue, overcrowded competition mostly.

lesson here:
Never keep your coins in an exchange because the coins are literally not your own @NOT YOUR KEY, NOT YOUR COINS

It always is, I think there were some stories that someone from an old exchange got a balance before the closure but forgotten to withdraw and got his fund stuck on the exchange until they've closed. No refunds, no updates but the announcement of closure was made. He just forgot to go through his account for a very long time. And never use exchanges as wallets.

[Grace333]

Sorry to hear this op, this news sparks a great concern on the kind of CEX exchange we decide to make use of. It has always been my thing to stick with the most reliable and reputable company's for my own security sake in other to avoid stories like this, because it's still unclear to me why an exchange would plan on shutting down without first informing their users through the simplest means of communication which is usually their personal social media handles like emails.
It's hard to say but I think there's something fishy about their decision to make late information about a serious matter like this, it's almost sounds as if it was a deliberate exit scam. This is the first time I'm hearing something like this i just hope they do something about it

Have you tried reaching out to their costumer service?

[Renampun]

We've already discussed the risks of storing your assets on a centralized exchange, so this should be expected. I've used their services myself, but I only used them briefly and didn't keep my assets there for long because I understood the risks.. and now that that exchange is experiencing issues... well, good luck to those of you who still have assets left with them, hopefully, you can get them back.

Now I have some curious questions too?
snip

What's the point of discussing ethics when things have already gone so far wrong? The exchange is on the verge of collapse, so whatever you ask about is pointless now. But according to their statements, they're still allowing users to withdraw funds.. however, it might be more difficult as they'll likely implement strict KYC procedures and may ask about the source of funds, among other things. You might want to contact their support team for clarification.. after all, it’s your assets, and you have the right to fight for them. Hopefully, you'll still be able to retrieve your funds.

[Outhue]

This could be a sign of peak bottom, like many people are saying, some are using FTX as example too, it's a shame that Bitmart has to go, I've used that exchange many times in the past, I still have the app on my phone, I've not even uninstalled it since I don't have any money on the exchange.

People will not learn until they become a victim themselves, there is no amount of advice that can make them listen, millions of people are still keeping coins on exchanges, it's the same everywhere, that's why we always see huge volumes on the exchanges, it people's assets been traded most of the time.

There is nowhere safer than a crypto wallet that is completely offline, centralised exchanges can go down at anytime, Bitmart announced their close down, some won't and you will hear shady things right after.

[Die_empty]

So, I have used this particular exchange BITMART for some time now. I haven't had any issues with my dealings with them until, I guess, a few days ago when I received some coins to the exchange but unfortunately I had no idea whatsoever that they were shutting down all their services very soon, infact on that particular day, being the 26th, was the deadline for suspending deposits on the exchange.
https://x.com/i/status/2081197305491845201.

• Jul 26, 2026, 01:30 UTC: New registrations, deposits, and new trading orders will begin to be suspended.
• Aug 26, 2026, 01:00 UTC: All trading services will be discontinued.
• Jan 31, 2027, 15:59 UTC: Platform operations will officially cease.

From their post, the deadline for deposits might not be 26th July. The phrase "will begin" might connote that a process of stopping deposits starts on the 26th or later, on a later date. However, the notice is too short and the medium of communication is wrong. I have not viewed some of my social media platforms for a long time. So there is a high chance that I would have missed the information.

1. Was it ethical for them to actually post an update about such vital information on the particular day they were suspending deposits to the exchange?

It was totally wrong. I am aware that banks give their customers 90 days' notice sent to their email before closing a branch or ending operations. This is why centralized crypto platforms need to be regulated.

2. Also for my case, my Bitcoin never actually got credited to BitMart account although it has already been confirmed on the Bitcoin blockchain. My balance is showing zero, so curious to know if this actually due to a suspension on deposit?

The operations of a company that is winding up are usually unstable. This delay might be caused by different factors. Have you contacted their customer care?

3. What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

Low trading volume, institutional compliance, and poor management might be some of the reasons why exchanges go bankrupt. The days are gone when exchanges depend on retail hype alone to stay afloat. 

lesson here:
Never keep your coins in an exchange because the coins are literally not your own @NOT YOUR KEY, NOT YOUR COINS

My situation would have been worse if I had stored a tangible amount of coins in that exchange, so everyone should learn..

Also wouldn't have found out about this update if not for a thread created in my local board, because I was initially confused about why the delay in my deposit reflecting on my account.

https://bitcointalk.org/index.php?topic=5589469.0

You are correct. Keeping large sums in a centralized platform or closed-source wallet is a risk. This is one of the benefits of belonging to a forum like this. It gives access to vital information. I hope you get you money back. All the best.

[tech30338]

This could be a sign of peak bottom, like many people are saying, some are using FTX as example too, it's a shame that Bitmart has to go, I've used that exchange many times in the past, I still have the app on my phone, I've not even uninstalled it since I don't have any money on the exchange.

People will not learn until they become a victim themselves, there is no amount of advice that can make them listen, millions of people are still keeping coins on exchanges, it's the same everywhere, that's why we always see huge volumes on the exchanges, it people's assets been traded most of the time.

There is nowhere safer than a crypto wallet that is completely offline, centralised exchanges can go down at anytime, Bitmart announced their close down, some won't and you will hear shady things right after.

People will never learn until they experience the worse, until big money go to waste they will never stop, remember what happen to mt gox, where there were lots of bitcoin are trap and until now its never return, maybe partial but not everything.
you are right stay away from centralized exchange only make transaction to sell but then after selling pull it out or use the p2p features in the exchange so that your money will be safe, or put it in a non custodial wallet which really is the best move.

[Mrbluntzy]

1. Was it ethical for them to actually post an update about such vital information on the particular day they were suspending deposits to the exchange?
2. Also for my case, my Bitcoin never actually got credited to BitMart account although it has already been confirmed on the Bitcoin blockchain. My balance is showing zero, so curious to know if this actually due to a suspension on deposit?
3. What do we think might have prompt this whole decision for a company that have stayed in the crypto space for more than a decade?

The length of time a centralized company has been in operation is not a yardstick for believing or assuming that it can never shut down if it wants to, so that is not really what should surprise you. If they didn't mention the reason why they are closing the exchange, then it is probably something serious that they do not want to disclose. However, things like this are not usually kept secret forever, one day, the reason will likely become known.

They have not completely shut down the exchange, and they are giving customers time between now and August 26th to stop depositing and trading on the exchange and to make sure they withdraw their funds. In case you don't know, it is on January 31st, 2027, that the exchange will officially cease all services completely. So, I think they still have the ethics to make sure that they resolve everyone's issues before they close.

Following the suggestion made by Hazink, you might still be able to withdraw your coins, so keep following up with their support team.

I don't keep money on exchanges except when it is for immediate use. Thank you.

[Inior]

I usually advise people not to keep their coins in an exchange but in your case it's quite different, you only ended up as a victim because you were receiving funds with the exchange without being notified before hand that the exchange was going to shutdown deposit operations. If it were to be a maintenance service, chances are that you might receive the money after the maintenance downtime or after consulting their customer service but in this case they're shutting down for good which means there is no reputation to protect so they can easily get away with this piece of scam without being held responsible.