ChainCatcher reported that WOO X ambassador Baki commented on details tied to BitMart’s official withdrawal notice, saying on X that the exchange had restricted user withdrawals on security grounds and that shutting down automatic withdrawals could leave a large number of users unable to complete fund transfers. He said the platform had shifted withdrawals to a manual review process covering identity and KYC checks, login device and IP address verification, account security review, withdrawal address and blockchain transaction risk screening, source-of-funds and trading-history checks, plus Travel Rule compliance and sanctions screening. Baki added that users may also be asked to provide extra documents, including proof of identity, proof of address, proof of source of funds, or proof of ownership of the withdrawal address. He also suggested that users with a P2P option could withdraw through that route to a bank account, while arguing that the crypto market is not decentralized and is instead controlled by a small number of large groups, exchanges, and capital providers.
ChainCatcher reported that WOO X ambassador Baki commented on the details of BitMart’s official withdrawal notice in a post on X, saying the exchange had restricted user withdrawals for security reasons and that disabling automatic withdrawals could leave a large number of users unable to complete fund withdrawals.
Baki said BitMart had moved its withdrawal process to manual review. The checks he listed include account identity and Know Your Customer, or KYC, verification; login device and IP address checks alongside account security status review; screening of withdrawal addresses and blockchain transaction risk; source-of-funds and transaction-history review; and Travel Rule compliance and sanctions screening.
He added that users may be required, when necessary, to submit extra documents such as proof of identity, proof of address, proof of source of funds, or proof of ownership for the withdrawal address.
Baki also suggested that users who have a peer-to-peer, or P2P, option could use that route to withdraw funds to a bank account.
In the same post, he said the crypto market is not decentralized, but controlled by a small number of large groups, exchanges, and capital providers.
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