Reports emerged that Haye had informed the British Boxing Board of Control that he would not renew his licence.
Witherspoon believes that it is the wrong decision from the former WBA champion, who he believes "hasn't proved anything" in the world of boxing.
"I like David Haye but I really think it's sad he is even talking about retiring," Witherspoon told talkSPORT.
"Britain needs a champion to carry on. It looks like he just wanted to come, get paid, and leave. A true champion would go all the way with it.
"A lot of people are going to be upset with that and hurt. He really hasn't proved anything in the boxing world yet so why just get your money and run? I think that he's cutting the fans that have supported him short."
The British boxer has always maintained the conviction that he would hang up his gloves after he turned 30 years old.