Svmuu News: In response to the details of BitMart’s official withdrawal announcement, Baki, an ambassador for the WOO X trading platform, posted on X, stating, “BitMart has restricted user withdrawals on the grounds of ‘security reasons,’ and its decision to disable the automatic withdrawal feature may prevent a large number of users from completing their withdrawals.” The platform has switched the withdrawal process to manual review, requiring users to submit regulatory checks such as account identity and KYC verification, verification of login devices, IP addresses, and account security status, review of withdrawal addresses and blockchain transaction risks, review of fund sources and transaction history, Travel Rule compliance, and sanctions screening. If necessary, users must also provide additional documents such as proof of identity, proof of address, proof of funds’ origin, or proof of ownership of the withdrawal address.”
Baki advises users to withdraw funds to their bank accounts via the P2P option if available; it also emphasizes that the crypto market is not decentralized but is controlled by a small number of large conglomerates, exchanges, and financial institutions.