The centralized crypto exchange BitMart, which previously announced a phased wind-down of its operations, is now working on a restructuring scenario that could serve as an alternative to a full exit from the market. This involves a gradual resumption of some operations and potential payouts to creditors — a signal that the market is receiving with cautious optimism.
Key details of the plan
According to my information, BitMart is already in talks with the community, stakeholders, and external consultants. The final decision on a partial relaunch will depend on a comprehensive assessment — legal, financial, operational, and regulatory. This is an important nuance: without regulatory approval, any plan will remain merely a theoretical construct.
To prepare the roadmap, the international law firm White & Case has been engaged, which, together with other advisors, will evaluate viable options. BitMart has committed to publishing an updated plan no later than September 9, 2026, after which it will be brought up for public discussion with the community. This approach at least formally demonstrates transparency, although the timelines appear drawn out.
Context: from closure to hope
Let me remind you that on July 26, the exchange announced an orderly cessation of operations, including halting registrations, deposits, and new orders. The full termination of trading services was scheduled for August 26, with final closure set for January 31, 2027. However, immediately after this, users began mass-complaining about issues with withdrawing funds, which undermined trust in the platform.
BitMart founder Sheldon Xia, in early August, rejected accusations of asset misappropriation, assuring that client funds were safe. Nevertheless, OpenGradient co-founder Matthew Wang publicly called the exchange insolvent, pointing to strange requests to token holders to lock up assets a week before the closure announcement — this clearly indicated liquidity problems.
Notably, against this backdrop, another major platform, BitMEX, also announced it would cease operations starting September 23. The market is clearly undergoing a phase of consolidation and stress tests for mid-tier players.
My analysis: BitMart's attempt to avoid a complete collapse is a rare but positive precedent in the current environment. However, success will depend on the real ability to attract liquidity and restore trust. If the restructuring plan proves viable, it could become a model for other troubled exchanges, but without clear guarantees of payouts, creditors will remain in limbo.