BitMart Explores Restructuring Amid Ongoing Withdrawal Issues

BitMart said it is evaluating a restructuring that might enable parts of the platform to resume operations after a full wind‑down was announced last month. The proposal comes as users continue to report frozen or delayed withdrawal requests.

Proposed restructuring and timeline

On August 21 the exchange indicated that a restructuring plan could include a phased resumption of certain services and distributions to creditors, pending legal, financial, operational and regulatory review. White & Case has been appointed as restructuring counsel, and BitMart expects to issue another update by September 9.

Immediate shutdown schedule

Regardless of the proposal, BitMart will discontinue spot, futures and other trading services at 01:00 UTC on August 26. Users are strongly encouraged to submit withdrawal requests before 05:00 UTC that day, though the exchange describes the deadline as a recommendation rather than a hard cutoff.

Withdrawal concerns

Customers have complained that withdrawal requests are being frozen, delayed, or left unresolved. Some have asked for verifiable information on the exchange’s reserves and a clear repayment plan. Former employees have alleged unpaid salaries, and blockchain investigator ZachXBT has questioned why funds are not being returned if sufficient liquidity exists.

Unclear repayment framework

BitMart has not disclosed a comprehensive repayment framework, recovery percentage, or timetable for resolving outstanding withdrawals. The exchange states that withdrawal requests may be subject to identity, security, source‑of‑funds, sanctions and other compliance checks. Requests submitted after the recommended August 26 deadline will be processed separately, with further instructions to follow.

Future of services

The restructuring proposal could eventually create a path for creditor distributions, but those are separate from ordinary withdrawal requests and remain undefined. BitMart has not specified which services might return under a phased restart, when they could resume, or what regulatory approvals would be required.