BitMart Exchange, without obtaining relevant business qualifications in mainland China, has unlawfully conducted domestic operational activities. Furthermore, it has been exposed for irregularities such as delayed payments, refusal to pay, and unjustified freezing of user accounts. Its actions have clearly violated regulatory provisions and pose significant risks to user fund security.

   According to the "Notice on Further Preventing and Handling the Risks Related to Virtual Currencies and Other Aspects" jointly issued by the People's Bank of China and seven other departments, business activities related to virtual currencies are considered illegal financial activities and are strictly prohibited within China. Foreign entities and individuals are not allowed to illegally provide services related to virtual currencies to domestic entities in any form.

   BitMart Exchange has not obtained approval from China's financial regulatory authorities and lacks any legal operating qualifications in the mainland. It has unlawfully conducted relevant business operations targeting domestic users, which itself constitutes illegal business operations. Its actions such as delayed withdrawals, refusal to pay, and unjustified account freezing further infringe upon the legitimate rights and interests of users.