BitMart faces withdrawal allegations as its Aug. 26 trading shutdown approaches
The exchange says withdrawals remain available during its wind-down, while users and critics cited by CoinDesk say some funds remain inaccessible and are demanding clearer asset disclosures.
By The Third AnglePublished 3 min read
Illustrative digital-asset market data for a report on BitMart's wind-down; the image does not depict the exchange. Photo: Unsplash · Unsplash License
BitMart is approaching the first major cutoff in its wind-down as users and critics raise questions about withdrawals from the exchange. BitMart's official cessation notice says spot, futures and other trading services will stop on Aug. 26 at 01:00 UTC.
CoinDesk reported Aug. 17 that some users said their funds remained inaccessible and that employees had not been paid. BitMart founder Sheldon Lee disputed the allegations, saying the exchange's Chinese-language account had been hacked and that the claims were fabricated. The report did not establish that BitMart lacks the assets needed to honor withdrawals.
What BitMart's own notice says
BitMart's notice says withdrawals will remain available after trading ends and recommends that users submit requests before 05:00 UTC on Aug. 26. It also says some requests may undergo identity, address, source-of-funds and sanctions reviews, with processing times varying by asset, network conditions and compliance checks.
The exchange says users will retain account access for a period after its planned Jan. 31, 2027 termination of platform operations. It has not published a buyer or successor platform in the notice, and it says separate settlement arrangements for open futures positions will follow.
The unresolved question
The public record supports two facts at once: BitMart has announced a defined shutdown timetable, and users are publicly alleging withdrawal problems that the founder disputes. The official notice does not confirm the allegations, publish wallet balances or provide an independent attestation of assets and liabilities.
That leaves the immediate risk with users. A withdrawal request is not proof that funds have been paid out, while the exchange's own timeline puts a concentrated volume of account, compliance and settlement work around the Aug. 26 cutoff.
