BitMart is weighing a restructuring that could return parts of its exchange to service, less than a month after the platform set dates to end trading and shut down completely.

The exchange has retained White & Case as restructuring counsel and is developing an alternative to its existing wind-down plan. Under the proposal, a phased resumption of operations could run alongside distributions to creditors while legal, financial, operational and regulatory reviews continue.

A new roadmap is due no later than September 9.

White & Case Joins Potential Revival Plan

White & Case, a global law firm with an established cross-border restructuring and insolvency practice, will work with BitMart and its other advisers on the restructuring framework, covering how individual services could resume and how creditor distributions would operate.

The engagement shifts the direction set on July 26, when BitMart began a global wind-down with trading scheduled to end August 26. New registrations and deposits stopped that day, futures entered reduce-only mode, and new spot orders were disabled.

The existing shutdown timetable has not been withdrawn. BitMart's original plan still sets 01:00 UTC on August 26 for the end of spot, futures and other trading services, followed by complete platform closure at 15:59 UTC on January 31, 2027. A restructuring agreement concluded before those dates could replace parts of that schedule.

Withdrawal Delays Keep User Funds in Focus

The restructuring talks arrive as customers continue pressing for access to funds held on the exchange. BitMart, launched in 2017, previously suffered a December 2021 hack in which an estimated $196 million in cryptocurrency was stolen.

BitMart's wind-down terms keep withdrawals available but permit additional reviews covering identity information, transaction history, source of funds, sanctions screening and destination-wallet ownership. Users were urged to submit withdrawal requests before 05:00 UTC on August 26.

Several customers have reported withdrawals remaining pending for extended periods. One account holder publicly claimed $10.1 million remained inaccessible after July 26, while OpenGradient co-founder Matthew Wang separately said his project's market-making team could not withdraw balances from BitMart.

BitMart has not published the proof-of-reserves report it previously committed to release after withdrawal concerns emerged in May. In past exchange collapses, customers have recovered funds through formal insolvency proceedings and often on long timelines: Mt. Gox, which failed in 2014, began repaying creditors in 2024, while Celsius and FTX users received distributions only after multi-year bankruptcy cases.

Exchange Shutdowns Spread Across 2026

BitMart's restructuring push stands apart from several exchanges that have continued toward permanent closure. AscendEX ceased operations on July 1 after citing MiCA — the European Union's Markets in Crypto-Assets regulation, which took full effect in December 2024 — along with regulatory pressure and broader financial and operational constraints, with withdrawals subsequently moved into manual review.

BitMEX remains scheduled to shut its derivatives exchange on September 23, with new positions restricted from August 26. Luno has also set a September 1 deadline for closing European Union accounts as it concentrates operations elsewhere.

BitMart's next restructuring update is due by September 9, and any phased reopening plan is expected to include a framework for creditor distributions. Alongside that roadmap, the still-unreleased proof-of-reserves report and the clearing of pending withdrawals remain concrete, trackable indicators of how the process is being handled in practice.