The centralized crypto exchange BitMart has officially confirmed that it is exploring the possibility of business restructuring instead of a complete shutdown. This involves developing a plan that may include a phased restoration of some operational functions and mechanisms for repaying debt to creditors.
Currently, the company is actively consulting with the community, key stakeholders, and external advisors. A final decision on a partial relaunch and payout parameters will only be made after a comprehensive assessment of legal, financial, operational, and regulatory aspects.
To support the process, BitMart has engaged the international law firm White & Case, which, together with other consultants, will analyze available scenarios and prepare a detailed roadmap. A preliminary 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, the exchange announced the start of an orderly wind-down: registration of new users, deposits, and order placement were halted, with a full cessation of all trading services—spot, futures, and others—scheduled for August 26. The official completion of operations was set for January 31, 2027.
However, after this announcement, users faced widespread issues with withdrawing funds, contradicting the platform's promises. 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, expressed doubts about the exchange's solvency, noting that shortly before the closure announcement, the platform had requested token holders to lock up assets to attract liquidity.
The situation around BitMart is unfolding against a backdrop of general market cooling: in July, another major platform, BitMEX, also announced it would cease operations starting September 23.
My comment: BitMart's attempt to find an alternative to a full shutdown is more of a forced move than a sign of resilience. In the current environment, where trust in centralized platforms has been undermined, the success of the restructuring will depend not only on the legal soundness of the plan but also on whether the exchange can genuinely restore liquidity and return funds to clients. Without transparent auditing and clear payout timelines, any scenario risks remaining a mere formality.