Crypto exchange BitMart has reversed its decision to permanently shut down, announcing that it is pursuing a restructuring plan instead of a full wind-down. The announcement came on Friday, just five days before an August 26 deadline that was initially set to halt all trading on the platform.
BitMart originally published its exit plan on July 26, stopping new sign-ups, deposits, and orders immediately, with plans for the platform to go dark entirely on January 31, 2027. At the time, the exchange blamed operating conditions, market factors, and future strategy rather than a financial crisis. Following the initial shutdown notice, the BitMart Token (BMX) crashed 46% overnight to approximately $0.11.
The new update indicates that BitMart is building a restructuring plan that may reopen parts of the exchange "alongside distributions to creditors." Additionally, the platform has hired White & Case as restructuring counsel. Analysts had previously viewed the July shutdown notices from multiple exchanges as a healthy market reset, while BitMEX continues with its own planned closure on September 23.
Despite the potential comeback, users have raised concerns following reports of blocked withdrawals, unpaid wages, and a previous 2021 hack that drained roughly $196 million from two BitMart hot wallets. Furthermore, Nenter Chow, who was named global chief executive in April 2025, stated that he was fired on July 24—two days before the original shutdown notice was issued.
BitMart has described the restructuring plan as potential and promised to deliver a formal roadmap by September 9.
