The centralized exchange BitMart has announced that it is developing a potential restructuring plan as an alternative to a complete business shutdown. This plan may involve a phased resumption of some operations and repayments to creditors.
https://twitter.com/BitMartExchange/status/2090781678528803238
BitMart is engaging with its community, stakeholders, and consultants to discuss this possible scenario. Decisions regarding the partial relaunch and repayments will rely on legal, financial, operational, and regulatory assessments.
The company has appointed White & Case as its restructuring consultant. This firm, along with other advisors, will evaluate available options and assist in formulating a phased operational recovery plan.
Currently, the consultants are preparing a roadmap. BitMart has committed to providing an update by September 9, 2026, and will disclose details as they become available. Once the document is ready, the company plans to present any business recovery plan for community discussion.
On July 26, BitMart announced the start of an orderly shutdown of its trading platform. At that time, the exchange stated it would gradually halt new user registrations, deposits, and the placement of new orders. The cessation of all spot, futures, and other trading services is scheduled for August 26, with the official closure set for January 31, 2027.
Following the exchange's announcement, users began to report difficulties withdrawing their funds, contrary to previous assurances. In early August, BitMart's founder Sheldon Xia responded to these complaints, assuring that customer assets had not been misappropriated.
Despite his statement, Matthew Wang, co-founder and CEO of OpenGradient, accused the exchange of insolvency. He highlighted that about a week before the shutdown announcement, the platform had asked token holders to lock their assets to attract liquidity.
It’s worth noting that in July, the cryptocurrency exchange BitMEX also announced its cessation of operations effective September 23.