BitMart is under renewed scrutiny as users report they still cannot withdraw funds and employees say final salaries and compensation remain unpaid while the exchange prepares what it describes as an orderly shutdown. The company has also yet to publish the proof of reserves it said in May would be released at an appropriate time.
The exchange has already set a winding-down timetable. Spot and futures trading are due to end on August 26, 2026, and BitMart has said its operations will officially close on January 31, 2027. Until then, questions about withdrawals, solvency and staff payments are shaping the final months of the platform.
Public criticism shifts to management
Tension escalated on August 17 when an account using the name BitMart 币市, under the handle @BitMart_zh, publicly criticized the company’s leadership and tagged co-founder Sheldon as well as BitMart’s official account. The post called for an explanation, alleging that multiple users have remained unable to access withdrawals and that many employees still have not been paid for their final month of work.
The criticism followed comments Sheldon made on August 8. He said the company had not run away and would not do so, while warning users to be cautious about screenshots and leaks circulating from current and former staff. According to Sheldon, the core team was still occupied with asset inventory work and system maintenance before the next stage of the shutdown process.
Withdrawal problems and reserve questions remain unresolved
The employee complaints came after another public challenge to BitMart’s handling of client funds. On August 10, Whale Alert reported that a co-founder of OpenGradient said his market-making team had been unable to withdraw money from the exchange and raised the question of whether BitMart was solvent.
BitMart has maintained that withdrawals are still being processed, and Sheldon has denied wrongdoing involving customer assets. Even so, the company’s earlier commitment to greater transparency remains unfulfilled. On May 23, BitMart said withdrawal issues were linked to a volume-farming scheme involving 239 connected accounts, and it promised to disclose proof of reserves later. Nearly three months on, no such disclosure has been made publicly.
Shutdown timeline is already in motion
BitMart began formal shutdown steps on July 26. The exchange said that from 01:30 UTC that day it would stop accepting new deposits, new sign-ups and new orders. It also set August 26, 2026 at 01:00 UTC as the end point for all spot and futures trading.
The final closure date published by the company is January 31, 2027 at 15:59 UTC. After that point, customers are expected to have only limited access to their accounts. During the wind-down period, BitMart has indicated that withdrawals are likely to remain available, though it asked users to complete verification and submit withdrawals by 05:00 UTC on August 26 and warned that some requests could face additional compliance checks.
Broader trust questions for exchanges
BitMart’s shutdown has drawn attention beyond the company itself because it touches on a wider issue for crypto trading platforms: how exchanges prove customer assets are there when confidence weakens. The absence of a public reserve report has become more noticeable as rivals move in the opposite direction.
On August 14, MEXC said Hacken had completed its August proof-of-reserves audit report, which the exchange said showed reserve ratios above 100% for its main assets, including 288% for Bitcoin. In the context of BitMart’s wind-down, that contrast has sharpened the focus on transparency rather than product features or fees alone.
The next confirmed milestones are close. Trading is scheduled to stop on August 26, while the full closure remains set for January 31, 2027. Between those dates, the key unanswered issues are whether users can continue withdrawing funds, whether employees receive what they say they are owed, and whether BitMart ultimately releases the reserves data it promised.
Source: Cryptopolitan