The centralized crypto exchange BitMart has officially confirmed that it is considering restructuring instead of a complete wind-down of operations. This involves a phased resumption of some operations and payments to creditors — a scenario that is currently being actively developed with the involvement of external consultants.
A key step has been the appointment of the international law firm White & Case as restructuring advisor. Together with other experts, it will conduct a comprehensive assessment of legal, financial, operational, and regulatory aspects to determine the viability of the plan. Based on this analysis, a roadmap will be drawn up, and the final decision will be put up for discussion with the community and stakeholders.
BitMart has committed to presenting the first official update no later than September 9, 2026. Details will be disclosed gradually, as they become ready. This sends a signal to the market: the exchange may have found a way to avoid the complete collapse that seemed inevitable after the announcement of closure at the end of July.
Context: why this matters
As a reminder, on July 26, BitMart announced an orderly wind-down of operations. The platform halted new user registrations, deposits, and order placement, with the full cessation of all trading services (spot, futures, and others) scheduled for August 26. The official end of operations was set for January 31, 2027. However, after that, users mass-complained about issues with withdrawing funds, which undermined trust in the exchange.
BitMart founder Sheldon Xia rejected accusations of misappropriating client assets in early August, but skepticism remained. OpenGradient co-founder Matthew Wang directly stated that the platform was insolvent, noting that shortly before the closure announcement, the exchange had asked token holders to lock up assets to attract liquidity. This is a serious signal that cannot be ignored.
Against this backdrop, BitMEX also announced it would cease operations on September 23, indicating continued pressure on centralized platforms.
My analysis: The shift toward restructuring is an attempt by BitMart to preserve at least some value for creditors and avoid the legal consequences of a full bankruptcy. However, the success of the plan will depend on real liquidity and the willingness of stakeholders to compromise. Given the previous issues with fund withdrawals, restoring trust in the exchange will be extremely difficult — and this is a lesson for the entire industry about the risks of centralized asset custody.