WOO X Ambassador: Bitmart restricts withdrawals under the pretext of security, which may constitute an infringement on users' funds

Regarding the details of the withdrawal announcement released by Bitmart, WOO X ambassador Baki posted on the X platform, "BitMart is restricting user withdrawals for security reasons, and its operation to disable the automatic withdrawal function may result in a large number of users being unable to complete fund withdrawals. The platform has changed the withdrawal process to manual review, requiring users to submit account identity and KYC information verification, login device and IP address and account security status verification, withdrawal address and blockchain transaction risk review, source of funds and transaction history review, Travel Rule compliance and sanctions screening, and other regulatory checks. If necessary, additional documents such as proof of identity, proof of address, proof of source of funds, or proof of ownership of the withdrawal address may also be required."

Baki suggested that users with P2P options could withdraw to their bank accounts through that channel; he also emphasized that the crypto market is not decentralized but controlled by a few large groups, exchanges, and funders.