BitMart is exploring a restructuring that could let parts of the exchange resume operations, an alternative to the full wind-down it announced last month. The plan, disclosed on Aug. 21, would pair a phased restart of some services with distributions to creditors, though it remains subject to further legal, financial, operational and regulatory review. The exchange has tapped White & Case as restructuring counsel and expects to share another update by Sept. 9.
What the restructuring plan would do
The proposal is still vague. BitMart has not said which services could come back, when they might resume, or what regulatory approvals would be required. It has also not disclosed a comprehensive repayment framework, a recovery percentage, or a timetable for resolving outstanding customer withdrawals.
The restructuring path is separate from ordinary withdrawal requests. Potential distributions to creditors remain undefined, and the exchange has given no details on how they would work alongside any phased restart.
Users still hitting frozen withdrawals
Customers report that withdrawal requests have been frozen, delayed, or left unresolved. The exchange has strongly encouraged users to submit withdrawal requests before 05:00 UTC on Aug. 26, but it has stressed that this is a recommended time rather than a hard cutoff. Requests that come in after that point will move to a separate processing procedure, with further instructions to be issued later.
Withdrawals may still be subject to identity, security, source-of-funds, sanctions, and other compliance checks. For users who already submitted, there is no clear answer on when funds will actually move.
Unpaid salaries and demands for proof
Former employees have alleged that salaries remain unpaid. Some users have demanded verifiable information about the exchange's reserves and a clear repayment plan.
BitMart CEO Sheldon Lee has rejected broader accusations against the exchange as 'fabricated rumors.' But blockchain investigator ZachXBT has asked publicly why BitMart hasn't simply returned customer funds if it has enough liquidity to meet withdrawals.
What happens on Aug. 26
Spot, futures and other trading services are scheduled to stop at 01:00 UTC on Aug. 26. The exchange still has to show whether the restructuring plan can actually win approval and deliver a path for creditors. For users, the next concrete date is Sept. 9, when BitMart says it will provide another update.
