According to reports from crypto.news and KeepBit News, BitMart announced on August 21 that it is exploring a restructuring plan involving creditor distributions and the phased restart of selected operations, less than four weeks after announcing a complete wind-down. The exchange has appointed White & Case as restructuring counsel to evaluate available options with other advisers. The law firm's appointment does not establish that BitMart has entered bankruptcy or another court-supervised process, as no verified bankruptcy petition, restructuring case number or creditor-claim portal has been published. The latest announcement specifically references creditors as part of the potential restructuring plan, marking a change in BitMart's public language from its July 26 closure notice that cited only operating conditions, market environment and future strategy without giving a specific reason for the shutdown.
As reported by crypto.news and KeepBit News, BitMart's closure notice still schedules all spot, futures and other trading to end at 01:00 UTC on August 26. Futures accounts have entered reduce-only mode, while spot markets stopped accepting new orders. New registrations and cryptocurrency and fiat deposits began closing on July 26. The exchange previously recommended completing verification and submitting withdrawal requests before 05:00 UTC on August 26. Any futures positions remaining at the deadline may be settled using applicable mark price, index price or platform settlement rules, though separate settlement arrangements have not been published. BitMart halted new registrations, deposits and trading orders and moved futures accounts into reduce-only mode after nine years in the space.
According to crypto.news, BitMart did not disclose why customer or counterparty balances may require creditor distributions rather than ordinary withdrawals. The company's July notice cited operating conditions, the market environment and future strategy without describing a shortfall. The latest statement includes no balance sheet, liability total, reserve report or recovery percentage. It also does not establish whether user assets and unsecured commercial claims would receive different treatment. Earlier concerns about BitMart's reserves and custody position were based partly on third-party wallet tracking and customer reports. The potential restructuring plan may include the phased resumption of certain operations in an orderly manner alongside distributions to creditors, as stated in BitMart's latest announcement.
As reported by crypto.news and KeepBit News, the shutdown announcement sent BMX down more than 58% over 24 hours, extending its year-to-date decline to 83%. The possible restructuring does not currently change the withdrawal guidance. BMX was trading near $0.061 on August 23, according to CoinGecko, remaining approximately 80% below its price one month earlier despite recovering modestly over the preceding week. The shutdown announcement sent BMX down more than 60% within the surrounding 24-hour period, as reported by crypto.news.
According to crypto.news and KeepBit News, BitMart said it would "endeavour" to provide another update no later than September 9, committing to further communication rather than a finalized restructuring agreement. The next announcement needs to identify which operations could restart, which legal entities owe creditors and how claims will be valued. Customers also need information about payout timing, available assets and the treatment of pending withdrawals. Unless BitMart formally changes its schedule, trading will stop two weeks before the restructuring update, with the wider platform remaining scheduled to terminate at 15:59 UTC on January 31, 2027. The exchange expects to provide a detailed roadmap by September 9, as reported by KeepBit News.
