BitMart is considering a partial resumption of operations: details of the restructuring plan
The centralized crypto exchange BitMart has officially announced the development of a potential restructuring plan that could serve as an alternative to a complete shutdown. This involves a phased resumption of some operations and a payment mechanism for creditors — this scenario is currently being actively worked out with key stakeholders.
As part of the ongoing process, BitMart is holding negotiations with the community, advisors, and interested parties. A final decision on a partial restart and the settlement procedure will only be made after a comprehensive assessment of legal, financial, operational, and regulatory aspects. The company has already appointed the international law firm White & Case as its lead restructuring advisor — its specialists, along with other experts, are analyzing available options and shaping a scheme for the gradual restoration of operations.
At this point, advisors are preparing a detailed roadmap. BitMart has committed to presenting an updated plan no later than September 9, 2026, promising to disclose details as they become ready. Once the document is finalized, any option for resuming the business will be brought up for public discussion with the community.
Context: from closure to hope for rescue
Recall that on July 26, BitMart announced the start of an orderly wind-down of its operations. At that time, the platform announced a gradual halt to new user registrations, deposit acceptance, and order placement. The complete cessation of all trading services — spot, futures, and others — was scheduled for August 26, with the official end of operations set for January 31, 2027.
However, after that announcement, users began to mass-complain about issues with withdrawing funds, which contradicted the exchange's promises. In early August, BitMart founder Sheldon Xia publicly 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, accused the exchange of insolvency, noting that shortly before the closure announcement, the platform allegedly asked token holders to lock up assets to attract liquidity.
It is also worth adding that in July, another crypto exchange — BitMEX — announced it would cease operations starting September 23, indicating continued pressure on centralized platforms in the current market cycle.
My analysis: The situation with BitMart is a classic example of a crisis of trust in the CeFi segment. Even if the restructuring plan is implemented, restoring reputation will take years, and 2026 looks like too distant a horizon for investors who have already faced frozen funds. The market needs not promises, but transparent mechanisms for returning assets — otherwise, such cases will only accelerate capital outflows to decentralized protocols.