Cryptocurrency exchange BitMart is exploring a restructuring plan with counsel White & Case that could potentially allow parts of the platform to resume operations alongside distributions to creditors.
According to the exchange, the proposal could offer an alternative to the full wind-down announced previously. However, the new restructuring proposal does not alter BitMart's scheduled discontinuation of spot, futures, and other trading services, which is set for Aug. 26 at 01:00 UTC. Users have been strongly encouraged to submit withdrawal requests before 05:00 UTC on that day, though the exchange noted this is a recommended time rather than a hard cutoff.
The restructuring initiative is subject to further legal, financial, operational, and regulatory review, with BitMart expecting to provide another update by Sept. 9. Despite the potential for a phased service resumption, the exchange has not disclosed which services might return, a timeline for any restart, or the required regulatory approvals.
Customer Concerns and Scrutiny
The restructuring discussions come as customers report difficulties with frozen, delayed, or unresolved withdrawal requests. Some users have demanded verifiable information regarding the exchange's reserves and a clear repayment plan. Additionally, former employees have alleged that salaries remain unpaid, though BitMart Chief Executive Officer Sheldon Lee has rejected broader accusations as fabricated rumors.
Blockchain investigator ZachXBT has also questioned why BitMart has not returned customer funds if it maintains sufficient liquidity to meet withdrawals, adding pressure on the platform for greater financial transparency.
BitMart has not yet disclosed a comprehensive repayment framework, estimated recovery percentage, or a specific timetable for resolving outstanding customer withdrawals. The exchange stated that withdrawal requests submitted after the recommended Aug. 26 deadline will be moved to a separate processing procedure with future instructions provided, while potential creditor distributions under the restructuring proposal remain entirely undefined.
