BitMart is preparing a plan for partial resumption of operations: restructuring instead of full closure.
The centralized crypto platform BitMart has officially announced the development of a restructuring plan that could serve as an alternative to a complete shutdown of operations. This involves a phased resumption of some operations and potential payouts to creditors — a signal that the exchange is trying to avoid collapse and retain at least some share of the business.
Currently, the BitMart team is in negotiations with key stakeholders, community representatives, and external consultants. A final decision on a partial relaunch will only be made after a comprehensive assessment of legal, financial, operational, and regulatory risks. This is standard practice for platforms in crisis situations, but it is important to emphasize here: the process could drag on.
The Role of White & Case and the Roadmap
To work through scenarios, BitMart has brought in international law firm White & Case as a restructuring advisor. Together with other counselors, they have already begun forming a roadmap. According to the statement, a public update will appear no later than September 9, 2026, with details to be disclosed gradually. Once the document is prepared, any business resumption plan will be put up for discussion with the community — an attempt to restore user trust, which has suffered significantly over recent months.
Let me recap the timeline: on July 26, BitMart announced an orderly wind-down, declaring a halt to registrations, deposits, and new orders. A full suspension of spot, futures, and other services was scheduled for August 26, with official closure set for January 31, 2027. However, after that, users began mass-complaining about blocked withdrawals, contradicting the platform's promises.
In early August, BitMart founder Sheldon Xia responded to the claims for the first time, assuring that client assets had not been misappropriated. Nevertheless, co-founder and CEO of OpenGradient, Matthew Wang, directly accused the exchange of insolvency, noting that shortly before the closure announcement, the platform had asked token holders to lock up assets to attract liquidity. These signals raise serious doubts about the transparency of the current restructuring.
Against this backdrop, the market is also watching the exit of other players — for example, BitMEX announced it would cease operations starting September 23. The trend toward consolidation and the exit of weak platforms is evident.
My analysis: BitMart's initiative for a partial relaunch is more of an attempt to minimize reputational and legal damage than a real chance at full recovery. Given the insolvency accusations and payout delays, trust in the platform has been fundamentally undermined. Even with a successful restructuring, a return to previous trading volumes is unlikely — the market will remember this episode as an example of the fragility of centralized models.