BitMart Faces Scrutiny From Scandic Coin Over Prolonged SNC And USDT Withdrawal Delays

Cryptocurrency project Scandic Coin (SNC) has issued a formal public demand for answers from the exchange BitMart regarding three long-pending withdrawal requests that remain unresolved. The requests, submitted from an approved institutional account, involve substantial amounts of USDT and SNC tokens that have stayed in “Processing” status for nearly eight days without generating blockchain transaction IDs.

According to documentation provided by the project, the withdrawals were initiated on July 26, 2026.

One request for approximately 21,898 USDT was created at 08:54, another for about 926,635 SNC at 09:07, and a third for roughly 256 USDT at 10:14. All three were designated for the Ethereum network.

Screenshots and PDF records captured from BitMart’s interface on August 3, 2026, between approximately 07:15 and 07:20, show each transaction still listed with zero out of 12 confirmations, no completion timestamp, and a “No Record” note in place of a TXID.

Combined, the two USDT withdrawals total just over 22,154 USDT, alongside the large SNC amount.Scandic Coin emphasizes that the institutional account had already received verification approval from BitMart.

A fourth archived page from the same day confirms elevated limits, sub-account options, and VIP support associated with that status.

The project states the funds originated from a bank transfer by its operating company and do not represent open trading positions or assets belonging to the exchange.

Because of the prior institutional approval, the team argues that routine KYC, KYB, or AML reviews should not apply as barriers.

Notably, BitMart’s own recent withdrawals list includes a smaller SNC transfer of roughly 4,332 tokens that completed successfully on July 27 with full confirmations.

Scandic Coin points to this contrast as evidence that the platform remained capable of processing at least some SNC movements during the same period, raising questions about the differential treatment of the larger requests.

The project first raised the issue publicly around July 27–28, 2026, shortly after BitMart announced plans to wind down its trading platform operations. At that earlier stage, the withdrawals had already been stuck for more than a day.

By August 3, with still no transaction-specific written explanation or completion, Scandic Coin renewed its call for either immediate processing of the three orders or a detailed account of the precise reason—whether technical, operational, compliance-related, or otherwise—along with a firm timeline.

The team maintains that an orderly platform closure requires transparent handling of verified institutional client requests.

Prolonged silence and the continued absence of blockchain records, they argue, cast doubt on whether the wind-down is proceeding as smoothly as described. Scandic Coin has stated it will preserve all records and pursue available legal and regulatory options if the funds are not released or adequately explained.

As of the August 3 update, the three withdrawals remained unresolved on BitMart’s interface. The situation highlights ongoing concerns about withdrawal reliability during exchange transitions in the crypto sector.