Bitget to cut off some users in a 'one-off exercise'
Bitget says it will end services for certain users, who will get deadlines and withdrawal instructions directly; it says funds are safe and gave no reason.
CryptoGroup Newsroom · · 3 min read
On this page
Crypto exchange Bitget said on Saturday that it will discontinue services for a group of users in what it called a "one-off exercise," while stressing that customer funds are safe and the rest of the platform keeps running. The exchange made the announcement in a post on X, Cointelegraph reported. It did not say how many accounts are affected, how they were chosen or why.
What Bitget said
- Affected customers will be contacted directly by email, in-app message and/or push notification, with next steps, deadlines and arrangements for withdrawing their assets.
- Anyone who has not received an official notice can keep using their account as usual.
- Customer support will help with pending orders, withdrawals and other account questions during the process.
- The exchange told users to rely only on official channels and to watch out for phishing links, impersonation accounts and unverified claims.
What we don't know
Bitget has not named the criteria. The Defiant pointed out that the exchange's terms list Russia, Belarus and Kazakhstan among prohibited jurisdictions, and cited an affected user who reported a 21 October deadline. Bitget has not tied the move to any country.
The exchange has been pulling back from some markets for regulatory reasons. Its support centre says users identified as Japanese residents will be switched to close-only mode on 1 November, with any remaining positions liquidated on 31 December. Bitget is also still dealing with the fallout of September's security breach — at about $387 million, the largest hack of the third quarter (our report).
Why it matters
Moves like this are a reminder that funds on a centralized exchange depend on the exchange's policies, not only on market prices. If you are weighing the trade-offs, see our guide to centralized vs decentralized exchanges.
Frequently asked questions
How do I know whether my Bitget account is affected?
Bitget says affected users will receive a direct notice by email, in-app message and/or push notification. If you have not received an official notice, the exchange says you can keep using your account as usual.
Are funds on Bitget at risk?
Bitget says user funds remain safe and the platform continues to operate. Affected users are to be given deadlines and withdrawal arrangements in their notices.
Why is Bitget doing this?
Bitget has not explained its criteria. Its terms list several prohibited jurisdictions, including Russia, Belarus and Kazakhstan, but the exchange has not linked this move to any specific country.
What should affected users watch out for?
Scammers often exploit exchange announcements. Follow instructions only from Bitget's official app, website and verified accounts, and never share passwords, 2FA codes or a recovery phrase.
Phishing tricks around exchange notices are common — our guide on how to spot crypto scams covers the warning signs.
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research. Read our disclaimer
More from Exchanges
View all →Read next
Goldman, Wells Fargo, Morgan Stanley bet on tokenization
Q3 earnings calls showed how Goldman Sachs, Wells Fargo and Morgan Stanley each expect to profit from tokenization: more trading, faster payments, more advice.
Ether margin longs on Bitfinex climb as prices stall
Bitfinex traders hold about 367,500 ETH in margin longs against under 9,000 ETH in shorts, while bitcoin and ether trade flat into a quiet Saturday evening.
Fidelity's Solana health check: reliable, but too concentrated
Fidelity's FCAT says Solana has gone two years without a major outage, yet 18 validators, one host and two EU cities hold an outsized share of its stake.