The shutdown of BitMart has become a broader test of trust for the crypto exchange industry. Current and former employees, along with users who say they are already locked out of the platform, are demanding answers about unpaid salaries and access to funds.

The dispute is unfolding as traders continue to watch for signs of stress among mid-sized exchanges. For users, BitMart has become an example of how an exchange can describe a wind-down as “responsible” and “orderly” while customers are still waiting for their money. That gap between the company’s statements and users’ experience has widened the controversy beyond BitMart alone.

Staff and users are naming names

On August 17, an account operating under the name BitMart 币市 (@BitMart_zh) publicly criticized the company’s management and tagged co-founder Sheldon and the official exchange account in the post. The account said several users were still unable to withdraw their funds and that many employees had not received their last month of pay.

夏爾特、李伊，你們欠全球 BitMart 用戶跟員工一個交代。 @sheldonbitmart @BitMartExchange 到現在還是一堆用戶領不回自己的錢，一堆員工連最後一個月的薪水、該拿的補償都沒拿到。 這不是丟一句「停止營運」就可以當作沒事的商業糾紛。 對很多普通用戶來說，鎖在 BitMart… pic.twitter.com/vhiJoyo0mh — BitMart 币市 (@BitMart_zh) August 17, 2026

夏爾特、李伊，你們欠全球 BitMart 用戶跟員工一個交代。 @sheldonbitmart @BitMartExchange 到現在還是一堆用戶領不回自己的錢，一堆員工連最後一個月的薪水、該拿的補償都沒拿到。 這不是丟一句「停止營運」就可以當作沒事的商業糾紛。 對很多普通用戶來說，鎖在 BitMart… pic.twitter.com/vhiJoyo0mh

The criticism followed Sheldon’s comments on August 8, when he said the company had not “run away” and would not do so in the future. He also urged users to be cautious about screenshots and leaks from current and former employees. Sheldon said the core team was still working on asset inventory and system maintenance ahead of the next stage of an “orderly” shutdown.

Frozen withdrawals and unresolved solvency concerns

The employee accusations came after a separate allegation raised on August 10. Whale Alert reported that one of OpenGradient’s co-founders said his market-making team was unable to withdraw funds from BitMart and questioned whether the exchange was solvent.

BitMart has insisted that withdrawals are still being processed, and Sheldon has denied any wrongdoing involving client funds. The company’s explanation dates back to May 23, when BitMart said its withdrawal issues were tied to volume farming involving 239 connected accounts. It also said it would publish its proof of reserves “at an appropriate time.” Nearly three months later, no such disclosure has been made, leaving users and counterparties with few public details to assess the scale of the problem.

Closure timeline extends into 2027

BitMart’s wind-down timetable is already set. On July 26, the exchange said it would stop accepting new deposits, sign-ups, and orders at 01:30 UTC on that date. Futures and spot trading are expected to end on August 26, 2026, at 01:00 UTC.

The company said it will formally close operations on January 31, 2027, at 15:59 UTC, after which customers will have limited access to their accounts. During the wind-down period, users are expected to retain withdrawal access. BitMart has asked users to complete verification and withdraw their funds by 05:00 UTC on August 26, while warning that some requests may face additional compliance checks.

In a July 27 breakdown, the Bitcoin Foundation noted that BitMart has not filed for bankruptcy and has not disclosed how long users will be able to continue withdrawals after operations cease. That leaves the shutdown timeline clear on paper, but still dependent on how the exchange executes the transition for both users and employees.

Competitors highlight proof-of-reserves disclosures

The situation has also drawn attention to how competitors are handling transparency. On August 14, MEXC announced an August proof-of-reserves audit report by Hacken. The report said MEXC held reserve ratios above 100% for all of its main assets, including 288% for Bitcoin. The company presented the findings alongside comments on a continuing trend of exchange mergers in 2026.

BitMart’s silence has made that comparison harder to ignore. As the exchange shuts down without fully clarifying its solvency or whether employees were paid, rival platforms have an opportunity to reassure users with more detailed disclosures.

For traders, the issue goes beyond fees and product features. When trust begins to erode, reserve transparency becomes central. BitMart’s shutdown will therefore be judged not only by how smoothly it ends, but also by how clearly and responsibly it handles customer funds.