BitMart has opened what it describes as a formal portal for affected users to submit their questions, while customers continue to wait for an update on their funds one week after the exchange hired restructuring firm Alvarez & Marsal.

Per the announcement on BitMart's official channel, the new venue is designed only to collect concerns. It will not process withdrawals, and it has offered no updates on long-standing queries about reserve figures, recovery timelines, or refunds. Alongside the channel launch, BitMart also restated its commitment to naming a third party to take over operations.

Not a withdrawal portal

BitMart has not launched any mechanism for claiming or withdrawing funds stuck on the exchange. Filing a ticket through the portal does not process a withdrawal and does not change the status of any account or assets.

The portal, confirmed at bitmart.com/portal in the exchange's latest announcement, was presented as a centralized venue where users can send questions about withdrawal arrangements, the near-term action plan, and next steps. BitMart said the feedback will feed directly into the review it is running with Alvarez & Marsal (A&M) and its legal advisers.

The "User Engagement Portal" is the only formal channel. Queries submitted through any other official exchange channels will be treated as ordinary support tickets and will not be fed into the review process — in practice, making the portal the sole route for user input to reach the restructuring review. BitMart said feedback requires only an email address rather than an account login.

Submissions are sorted into four buckets: withdrawal enquiries, general feedback, potential investor or restructuring proposals, and other. Users are asked to follow the link in a verification email from support@bitmart.zendesk.com to complete the ticket submission process and receive a confirmation number.

After some users reported difficulties reaching the portal early on Wednesday, BitMart said its team was looking into it.

Echo Base coordinates frustrated customers

The portal is the latest step in a saga that began on July 26, when BitMart announced it would wind down after nine years, halting new accounts, deposits, and fresh orders the same day. Trading ended on August 26, with full platform closure originally set for January 31, 2027.

The company later softened the plan. On August 21, it said it might combine creditor payouts with a phased restart of some operations, and it hired White & Case as restructuring counsel.

Users, however, have not received the update they want most: how to get their funds off the exchange. BitMart has still not published the proof-of-reserves report it promised on May 23. Public numbers are thin and unflattering: the exchange has self-reported about $5.36 million in reserves, most of it in its own BMX token, against daily volume that once ran near $272.6 million. Founder Sheldon Xia said on August 8 that the company had not absconded with funds, but offered no figures to back the claim.

The one organized push on behalf of customers is coming from Echo Base, a firm that buys into distressed digital-asset companies. It formed an ad hoc committee of BitMart claimholders on September 3 and retained two law firms, Young Conaway Stargatt & Taylor and Ashbury Legal, after a funded rescue offer of up to $10 million went unanswered. For claimholders, the committee provides organized representation independent of the exchange's own feedback channel.

Echo Base chief executive Roshan Dharia called the A&M hire BitMart's most encouraging move since July, while faulting what came with it.

BitMart says more is coming. It has promised to detail its action plan and consultation process within three weeks of the September 9 announcement, and to name an independent third party to oversee operations and hold assets during the review — a step that, if completed, would place operational oversight and asset custody outside the company itself. For users, those commitments set the nearest concrete checkpoints to watch.

Source: Cryptopolitan