The centralized crypto exchange BitMart has officially confirmed that it is considering a partial resumption of operations instead of a complete wind-down of its business. This involves developing a restructuring plan that may include a phased restart of individual services and a mechanism for payments to creditors.
Currently, the BitMart team is actively consulting with the community, key stakeholders, and external advisors. A final decision on the feasibility of a partial restart will only be made after a comprehensive assessment of legal, financial, operational, and regulatory aspects. This is not just a formality—the outcome of this analysis will determine whether the platform can return to operation in any form.
To support the restructuring process, the company has engaged the international law firm White & Case. Together with other consultants, it will prepare a roadmap that will serve as the basis for the phased resumption of activities. BitMart has committed to presenting an updated plan no later than September 9, 2026, and after the document is finalized, it will be put up for public discussion with the community.
Context: how we got to this point
As a reminder, on July 26, BitMart announced the start of an orderly wind-down of operations. At that time, the platform announced a phased halt to new user registrations, deposits, and order placements. The full cessation of trading services—spot, futures, and others—was scheduled for August 26, with the final closure set for January 31, 2027.
However, after that announcement, users faced serious issues with withdrawing funds, sparking 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. Nevertheless, co-founder and CEO of OpenGradient, Matthew Wang, openly 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.
Against this backdrop, it is worth recalling other market players: in July, the crypto exchange BitMEX announced it would cease operations starting September 23.
My take: The situation with BitMart is a classic example of a crisis of trust in centralized finance. Even if the restructuring plan is implemented, restoring its reputation after accusations of insolvency and withdrawal issues will be extremely difficult. The market will remember this episode, and users will become even more cautious when choosing platforms to store their assets. In the long term, this will only accelerate the transition to decentralized solutions.