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BitMart Users Demand Answers Over Withdrawal Issues, Unpaid Salaries Ahead of August 19 Deadline

BitMart Users Demand Answers Over Withdrawal Issues, Unpaid Salaries Ahead of August 19 Deadline

Users demand proof of BitMart’s reserves and a clear plan for repaying outstanding withdrawal claims.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 17 August 2026 17:37 IST

BitMart Users Demand Answers Over Withdrawal Issues, Unpaid Salaries Ahead of August 19 Deadline

Photo Credit: Unsplash/Shubham Dhage

BitMart users are seeking greater transparency over assets and outstanding withdrawal claims

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Highlights

Open letter calls for disclosure of BitMart’s usable reserves
Users want a clear timeline for repayment of outstanding funds
BitMart plans to end trading on August 26

BitMart users and employees have asked for an explanation from the company concerning its assets, as well as the restrictions on withdrawing money from the crypto exchange by August 19th, amidst concerns over customer funds and employee payments. In a public statement posted on X, which was addressed to Sheldon Lee, the founder of BitMart, and Yi Li, it was stated that a lot of people were still having trouble withdrawing their funds, as well as that some employees were not paid for the last month.

Users Seek Third-Party Verification of Exchange Reserves and Liabilities

The statement required that BitMart should give verifiable information about its wallets, holdings, liabilities, and reserves, which could be used to settle withdrawal requests. It also required the exchange to allow third-party examination of the amounts rather than depending on internal statements from the organisation. In a translated version of the statement, the group called on BitMart to “disclose the wallets,” “disclose the assets,” “disclose the liabilities,” and “disclose the actual usable reserves.”

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These requests were made just weeks after BitMart revealed that it was going to shut down its trading platform after operating for nine years. BitMart announced that it will end registration, deposits, and trading activities but allow users to withdraw their funds on July 26. According to BitMart, all of its trading operations were scheduled to end on August 26 before the company closed its operations on January 31, 2027. The company cited its operational status, market conditions, and plans for its decision to close without specifying a single incident that led to such a decision.

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In addition, BitMart made a request for the investigation of accounts, subsidiaries, trusts, and any other arrangement that could have managed funds related to users. Li Yi was directly asked to reveal the source and owner of the funds kept in the accounts related to her. In the open letter, it was mentioned that unverified materials suggested that Li's accounts were managing funds in the tens of millions of dollars, and there were withdrawal records in batches.

An open letter specified August 19 as the date when BitMart has to disclose its remaining asset information and give its plan on how to repay its customers. According to the plan, BitMart has to disclose the value of its remaining assets and liabilities, calculate how much customers can be repaid, and in what order they will be repaid. Moreover, users asked for dates of the start and completion of the repayment, information about the party overseeing the procedure, and assurance that BitMart will undergo a third-party audit.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Crypto Exchanges, Bitmart, Crypto markets

Rahul Dhingra

Email Rahul Dhingra

Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More