BitMart Shutdown Sparks Controversy Over Frozen Withdrawals and Unpaid Employees

BitMart's shutdown has become a contentious issue in the crypto space. The exchange announced it would stop accepting new deposits and orders on July 26, 2026, and will cease operations by January 31, 2027.

Users have reported frozen withdrawals, with at least two projects - OpenGradient and Scandic Coin - claiming their funds are stuck on the platform. Employees also claim they haven't been paid for last month's work, adding to the controversy surrounding BitMart's financial situation.

BitMart promised a proof-of-reserves report in May but has yet to publish it. The exchange maintains that withdrawals remain available throughout the wind-down process, although users may face additional checks on their requests. The company has asked customers to submit withdrawal requests by August 26, 2026, warning that anything submitted later will be processed separately.

The contrast with rival exchanges is striking, as MEXC recently published a proof-of-reserves audit showing reserve ratios above 100% across its main assets, including 288% for Bitcoin. BitMart's lack of transparency has led to concerns about the exchange's solvency and ability to meet its obligations to users.