BitMart is exploring a restructuring plan that could enable parts of the exchange to resume operations, presenting an alternative to the full wind‑down announced last month as users continue to report withdrawal difficulties.
On August 21, the exchange indicated that the potential restructuring might involve a phased restoration of certain services alongside distributions to creditors, pending further legal, financial, operational and regulatory review.
BitMart has engaged White & Case as restructuring counsel and said it expects to issue another update by September 9.
Nevertheless, this proposal does not alter the exchange’s immediate timetable.
BitMart plans to halt spot, futures and other trading services at 01:00 UTC on August 26. Users have been strongly urged to submit withdrawal requests before 05:00 UTC that day, although the exchange notes that this is a recommendation rather than a hard cutoff.
The deadline arrives as BitMart faces mounting scrutiny from customers who claim withdrawal requests have been frozen, delayed or left unresolved.
Some users have called for verifiable proof of the exchange’s reserves and a clear repayment schedule, while former employees have alleged unpaid salaries. BitMart CEO Sheldon Lee has dismissed broader accusations against the platform as “fabricated rumors.”
Blockchain investigator ZachXBT has also questioned why BitMart has not simply returned customer funds if it possesses sufficient liquidity to cover withdrawals, intensifying pressure on the exchange to provide greater transparency about its financial standing.
The exchange has stated that withdrawal requests may be subject to identity, security, source‑of‑funds, sanctions and other compliance checks. Requests submitted after the recommended August 26 window will be routed to a separate processing procedure, with further instructions to follow.
The restructuring proposal could eventually create an additional avenue for creditors, but any such distributions would remain distinct from ordinary withdrawal requests and are currently undefined.
BitMart has not disclosed which services might return under a phased restart, when they could resume, or what regulatory approvals would be necessary.
Consequently, the exchange is attempting to preserve a path back to operations while customers continue to confront an imminent shutdown schedule and unanswered questions about when they will regain access to their funds.
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