Posts on X alleged mishandled rebates, restricted trial funds and slow support, while Phyrex said smaller exchanges faced revenue pressure from Binance Alpha, shifting trading-group operators and weakening listing-fee and market-making income.
Crypto commentators on X raised concerns about BitMart and BitMEX from two angles: unverified user-treatment complaints and broader business pressure. @tradermige alleged BitMart mishandled a rebate agent setup and said BitMEX issued non-withdrawable trial funds, then took three months to respond after he sent screenshots of trading volume, describing staff at both exchanges as in a “lying flat” mode. Separately, Phyrex, in comments reported by Odaily, said the exchanges’ problems were not driven by an FTX-style collapse but by underlying strain, adding that BitMart discussed an acquisition in 2023 and that smaller exchanges were hurt by pressure from Binance Alpha and changes among trading-group operators that weakened listing-fee and market-making revenue. The claims remain attributed to the commentators, but together they point to reputational and revenue challenges for smaller crypto trading venues.