BitMart is exploring a restructuring that could bring parts of its exchange back online, less than a month after setting dates to end trading and shut the platform completely. The exchange ha
BitMart is exploring a restructuring that could bring parts of its exchange back online, less than a month after setting dates to end trading and shut the platform completely.
The exchange has appointed White & Case as restructuring counsel and is developing an alternative to its existing wind-down plan. The proposal could combine a phased resumption of operations with distributions to creditors while legal, financial, operational and regulatory reviews continue.
A new roadmap is due no later than September 9.
White & Case will work with BitMart and its other advisers on the restructuring framework, including how individual services could resume and how creditor distributions would operate.
The move changes the direction set on July 26, when BitMart began a global wind-down with trading scheduled to end August 26. New registrations and deposits stopped that day, futures entered reduce-only mode and new spot orders were disabled.
The existing shutdown timetable has not been withdrawn. BitMart’s original plan still sets 01:00 UTC on August 26 for the end of spot, futures and other trading services, followed by complete platform closure at 15:59 UTC on January 31, 2027.
A restructuring agreement before those dates could replace parts of that schedule.
The revival talks arrive while customers continue pressing for access to funds held on the exchange.
BitMart’s wind-down terms keep withdrawals available but allow additional reviews covering identity information, transaction history, source of funds, sanctions screening and destination-wallet ownership. Users were urged to submit withdrawal requests before 05:00 UTC on August 26.
Several customers have reported withdrawals remaining pending for extended periods. One account holder publicly claimed $10.1 million remained inaccessible after July 26, while OpenGradient co-founder Matthew Wang separately said his project’s market-making team could not withdraw balances from BitMart.
BitMart has not published the proof-of-reserves report it previously committed to release after withdrawal concerns emerged in May.
BitMart’s restructuring push stands apart from several exchanges that have continued toward permanent closure. AscendEX ceased operations on July 1 after citing MiCA, regulatory pressure and broader financial and operational constraints, with withdrawals subsequently moved into manual review.
BitMEX is still scheduled to shut its derivatives exchange on September 23, with new positions restricted from August 26. Luno has also set a September 1 deadline for closing European Union accounts as it concentrates operations elsewhere.
BitMart’s next restructuring update is due by September 9, with any phased reopening plan expected to include a framework for creditor distributions.
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