BitMart has hired White & Case as restructuring counsel less than a month after announcing a full shutdown. The exchange now says a future plan could combine creditor distributions with a phased restart of selected services. Its September 9 roadmap will arrive after trading ends on August 26.
BitMart’s latest statement changes the direction of its July 26 closure notice. That notice cited market conditions, operating conditions, and future strategy while setting a full wind-down timetable.
The exchange now says a potential plan may include the phased resumption of certain operations. BitMart has not approved or launched that plan, and any restart still requires legal, financial, operational, and regulatory review.
Meanwhile, White & Case will work with BitMart’s other advisers to assess restructuring options and creditor distributions. The law firm’s appointment does not mean BitMart entered bankruptcy or another court-supervised process.
The restructuring review has not cancelled the existing shutdown schedule. BitMart still plans to end spot, futures, and other trading at 01:00 UTC on August 26. The exchange suspended new registrations and cryptocurrency and fiat deposits on July 26. Futures accounts moved into reduce-only mode, while spot markets stopped accepting new orders.
At the same time, BitMart previously advised users to complete verification and submit withdrawal requests before 05:00 UTC on August 26. Withdrawals remain available, although additional checks may delay processing.
Any futures positions left at the deadline may settle under the applicable mark price, index price, or platform rules. BitMart said it would issue separate settlement arrangements, but the restructuring update did not include them. The original schedule also set January 31, 2027, for a complete platform shutdown. BitMart has not withdrawn that date while it explores a partial restart.
BitMart has not explained why some customer or counterparty balances may require creditor distributions instead of ordinary withdrawals. The exchange also has not disclosed a balance sheet, liability total, reserve report, or recovery percentage.
BitMart has not named the legal entity or jurisdiction that would administer distributions. At the time of this report, public information showed no verified bankruptcy petition, restructuring case number, or creditor-claim portal.
The September 9 roadmap serves as a disclosure date, not a payout date. BitMart has not announced a repayment schedule or stated how it would treat user assets against unsecured commercial claims.
Can BitMart restart selected services while meeting obligations to creditors? BitMart has not yet disclosed the asset coverage, liabilities, legal structure, or recovery framework needed to answer that question.
Read More: BitMart Announces Crypto Exchange Shutdown as BMX Crashes 81%
Earlier reserve and custody concerns relied partly on third-party wallet tracking and customer reports. Those sources cannot show BitMart’s complete position because they exclude undisclosed addresses, fiat holdings, offchain liabilities, and custodied assets.
BitMart said it expects to consult its community after a business resumption plan launches. It has not explained how users would participate or whether creditors would need to vote.
The July shutdown announcement sent BMX down more than 60% within the surrounding 24-hour period. For now, the possible restructuring does not change BitMart’s current withdrawal guidance.
BitMart’s restructuring review creates a possible path toward restarting selected services while preserving its existing shutdown timetable. Trading still ends August 26, and the September 9 roadmap does not promise payouts. Until BitMart publishes financial and legal details, creditor treatment, recovery terms and any service restart remain unresolved.