Bitget Says Customer Funds Remain Safe as It Ends Services…

Bitget said on October 17 that it will discontinue services for certain users in a one-time account closure exercise, while maintaining that customer assets remain safe and its broader trading platform continues to operate normally. The exchange said affected customers will receive individual notifications explaining withdrawal arrangements, deadlines and the steps required to close their accounts. Users who do not receive an official notice can continue using the platform under existing terms.

Bitget has not publicly identified the jurisdictions, customer categories or number of accounts affected, nor has it explained whether the decision reflects regulatory requirements, compliance reviews or other operational considerations. Affected users are expected to be contacted through email, in-app messages or push notifications, with instructions on deadlines, asset withdrawals and pending transactions. Customer support will assist with withdrawal requests and outstanding orders. However, Bitget has not specified whether affected accounts will immediately lose trading access, whether open derivatives positions must be closed by a particular deadline or whether certain withdrawal methods will remain available.

Separate from September security breach

The announcement follows a September 24 security incident in which attackers transferred assets from parts of Bitget’s hot and warm wallet infrastructure. Bitget initially estimated the unauthorized transfers at $351.6 million before revising the figure to approximately $387.5 million after additional blockchain tracing. Forensic findings identified a compromise involving third-party security software and internal credentials, allowing fraudulent withdrawal instructions to be submitted without obtaining private keys. Bitget temporarily suspended withdrawals and began restoring services in stages, starting with Bitcoin on September 28. In an October 13 security update, the exchange said its phased restoration was completed on October 2 and the underlying vulnerability had been addressed, while asset tracing and recovery efforts continued. Bitget has said customer balances were unaffected and that its Protection Fund would absorb the financial impact. It has not established any connection between the breach and the account closures.

Bitget has previously withdrawn from individual markets in response to local regulatory requirements. In France, it announced the termination of services for residents under arrangements related to the European Union’s Markets in Crypto-Assets framework. It also plans to exit Japan, where accounts are scheduled to enter close-only mode on November 1, with remaining positions subject to forced closure on December 31. The October 17 announcement does not establish that the newly affected users belong to either market.

The financial impact of the latest closures cannot yet be quantified because Bitget has not disclosed how many accounts are affected or their contribution to trading activity. Restrictions involving active derivatives traders or institutional customers could carry greater revenue consequences than closures of largely inactive accounts. Affected customers should verify notifications through Bitget’s official website, application or Support Center, and monitor individual deadlines, treatment of open positions and withdrawal routes.