Catenaa, Tuesday, August 04, 2026- Scandic Coin (SNC) has called on cryptocurrency exchange BitMart to explain an extended delay in processing a corporate withdrawal request, raising questions about whether the issue stems from technical, compliance or liquidity-related factors.
In a public statement, the company said a withdrawal request submitted on July 26 remained in a “Processing” state for more than 35 hours and had not reached its designated wallets at the time of publication.
Scandic Coin said the pending withdrawal includes 22,000 USDT and approximately 930,000 SNC tokens. The company stated that the assets belong to its operating entity and were not tied to active trading positions.
The exchange has not publicly responded to the allegations at the time of writing.
Scandic Coin said it has retained timestamped screenshots documenting the account balances, withdrawal request and transaction status.
According to the company, the prolonged delay is particularly concerning because BitMart has previously announced plans to wind down parts of its trading platform operations.
The company argued that exchanges encouraging users to withdraw assets should be able to process legitimate withdrawals within a reasonable timeframe or provide clear explanations when delays occur.
Scandic Coin said it is seeking clarification on several issues, including whether the withdrawal is subject to compliance, security or risk reviews and whether additional documentation is required.
The company also requested a firm timeline for releasing the assets and asked BitMart to confirm that it has sufficient liquidity to process legitimate customer withdrawals.
Importantly, Scandic Coin said it is not alleging that BitMart is insolvent, but argued that the lack of communication following the prolonged delay has created uncertainty that should be addressed with verifiable information.
Extended withdrawal delays on cryptocurrency exchanges can occur for several reasons.
These may include enhanced anti-money laundering reviews, security checks, wallet maintenance, blockchain network congestion or internal operational issues.
Without a statement from BitMart, it is not possible to determine the cause of the reported delay.
There is currently no publicly available evidence confirming that the delay is linked to liquidity constraints.
Scandic Coin said it has requested either the immediate release of the assets or a written explanation detailing the reason for the delay and an expected completion time.
The company added that it intends to preserve transaction records and screenshots and may pursue legal or regulatory remedies if the matter is not resolved.
Whether the dispute develops into regulatory action will likely depend on BitMart’s response and the eventual outcome of the withdrawal request.
The incident highlights the importance of operational transparency for centralized cryptocurrency exchanges.
As institutional and corporate participation in digital assets grows, timely withdrawals and clear communication during operational delays are becoming increasingly important to maintaining market confidence.
Even isolated disputes can attract wider attention in an industry where custody, liquidity and user trust remain closely scrutinized.
Scandic Coin’s statement has placed public attention on BitMart’s withdrawal processes, but key questions remain unanswered.
Until the exchange provides its account of the incident, it is unclear whether the delay resulted from routine compliance procedures, technical issues or another operational factor.
The situation underscores the continuing importance of transparency and responsive communication in centralized digital asset markets.
Centralized cryptocurrency exchanges routinely conduct compliance, security and risk reviews before processing certain withdrawals, particularly for large transfers or corporate accounts. Such reviews are intended to satisfy anti-money laundering regulations and protect customer assets but can sometimes delay transactions. Industry participants generally expect exchanges to communicate clearly with customers when withdrawals are delayed and to provide estimated timelines where possible. Prolonged unexplained delays can raise concerns among users even when no evidence of financial distress exists.
