BitMart is preparing a plan for a partial restart: restructuring instead of a full shutdown.
The centralized crypto exchange BitMart is considering restructuring its business as an alternative to a complete shutdown. Instead of a final exit from the market, the company is working on a scenario for a phased resumption of some operations and settlements with creditors.
According to my data, the BitMart team is already in negotiations with key stakeholders, including community representatives and external consultants. The final decision on a partial restart and the payout structure will be made after a thorough assessment of the legal, financial, operational, and regulatory aspects of the platform's activities.
Key steps and timelines
To develop the strategy, the company has engaged the international law firm White & Case, which, together with other advisors, will prepare a recovery roadmap. The detailed plan is expected to be presented no later than September 9, 2026, after which it will be put up for public discussion with the community.
As a reminder, on July 26, BitMart announced the start of an orderly closure of its trading platform. At that time, the exchange announced a phased halt to new user registrations, deposit acceptance, and order placement. The complete cessation of all spot, futures, and other trading services was scheduled for August 26, with the official end of operations set for January 31, 2027.
Context and challenges
Following this announcement, users faced difficulties withdrawing funds, which sparked a wave of discontent. In early August, BitMart founder Sheldon Xia publicly responded to the complaints for the first time, assuring that client assets had not been misappropriated. However, co-founder and CEO of OpenGradient, Matthew Wang, expressed doubts about the exchange's solvency, noting that shortly before the closure announcement, the platform had asked token holders to lock up assets to attract liquidity.
Notably, amid these events in July, the crypto exchange BitMEX also announced it would cease operations on September 23. This signals continued pressure on centralized platforms in the current market cycle.
My analysis: BitMart's restructuring initiative is an attempt to preserve the remnants of its reputation and avoid the legal consequences associated with bankruptcy. However, the success of such a plan will directly depend on actual liquidity and the willingness of creditors to make concessions. In the current environment, a partial restart is more the exception than the rule, and the market will closely watch the details of the roadmap.