BitMart said it is no longer pursuing a complete shutdown and is instead evaluating a restructuring that could allow parts of the exchange to return in stages while funds are distributed to creditors.
The exchange said on August 22 that it has brought in law firm White & Case as restructuring counsel and is preparing a roadmap with its other advisers. A further update is due no later than September 9, 2026.
Shutdown plan replaced by alternative scenario
The new position marks a change from BitMart’s earlier wind-down plan, which had pointed to trading ending by January 31, 2027. The company now says it is considering restructuring as an alternative path rather than moving directly to a full closure.
BitMart framed the move as an option under review, not a final restart decision. It said any restructuring route would still need additional legal, financial, and regulatory assessment before it could be carried out.
What the proposed restructuring could include
According to the company, the draft approach being discussed may include a phased resumption of some operations, an orderly restart of the platform, and distributions to creditors. BitMart also said community consultations could take place after a recovery plan is launched.
The exchange said it is already working with advisers on a roadmap for the process. At this stage, however, the company has not presented a full timetable for restoring services or detailed how any creditor payments would be handled.
White & Case joins advisory effort
BitMart said White & Case has been retained as restructuring counsel. The law firm is expected to work alongside the exchange’s other professional advisers as the company examines scenarios for continued operations.
The appointment signals that BitMart is organizing its response through a formal restructuring process rather than treating the announcement as a simple operational update. Even so, the company’s statement stopped short of confirming that normal business activity will resume in full.
Background of user concerns and disputed claims
The exchange’s situation had already drawn attention after a message appeared on its Chinese-language X account calling on chief executive Sheldon Xia to conduct an audit and explain the status of user funds. That post also alleged that withdrawal problems remained unresolved and that some employees had not received their latest salary.
Xia said the account had been hacked. The message was later deleted, although screenshots, including one showing the CEO’s reply, were circulated by users. BitMart’s latest statement did not confirm the claims made in that post.
Next confirmed step
For now, BitMart’s restructuring concept remains a proposal under review rather than an approved recovery plan. The clearest near-term milestone from the company is its promise to publish another update by September 9, 2026.
BitMart also warned users to rely only on its official communication channels and to stay alert to scam messages, indicating that uncertainty around the platform is continuing while the review proceeds.
Source: incrypted.com