BitMart is exploring a restructuring plan that could allow parts of the crypto exchange to resume operations, a potential reversal of the full wind-down announced last month, even as customers continue to report difficulties withdrawing assets.
On Aug. 21, the exchange said the potential restructuring could include a phased resumption of some services alongside distributions to creditors, subject to legal, financial, operational and regulatory review. BitMart has appointed White & Case as restructuring counsel and expects to provide another update by Sept. 9.
The restructuring proposal does not change the immediate timetable. BitMart is scheduled to discontinue spot, futures and other trading services at 01:00 UTC on Aug. 26, and users have been strongly encouraged to submit withdrawal requests before 05:00 UTC that day, though the exchange described the withdrawal time as recommended rather than a hard cutoff.
The deadline arrives amid growing customer scrutiny over frozen, delayed or unresolved withdrawal requests. Some users have demanded verifiable reserve information and a clear repayment plan. Former employees have alleged that salaries remain unpaid. BitMart Chief Executive Officer Sheldon Lee rejected broader allegations as “fabricated rumors.”
Blockchain investigator ZachXBT also questioned why BitMart has not simply returned customer funds if it has enough liquidity, adding to pressure for transparency. The exchange has not disclosed a comprehensive repayment framework, recovery percentage or timetable for outstanding withdrawals, and said withdrawal requests may face identity, security, source-of-funds, sanctions and other compliance checks.
Separate reports said the closure announcement triggered weeks of user panic. Chief Product Officer Terence Lee publicly resigned, and former CEO Nathan Chow had been removed before the closure was announced, fueling speculation about insolvency. BitMart has promised a roadmap by Sept. 9, but for now customers still face an imminent shutdown timetable and unresolved questions over access to funds.
