BitMart considers partial restart weeks after announcing shutdown

BitMart said it may reopen parts of its crypto exchange, reversing course weeks after announcing plans to wind down the platform.

The exchange said Friday that it is developing a restructuring plan that could include a phased restart of operations alongside distributions to creditors.

The announcement came five days before BitMart’s August 26 deadline to stop all trading.

BitMart announced its shutdown plan on July 26, immediately halting new registrations, deposits and new trading orders. It said all trading would end on August 26 and the platform would shut down entirely on January 31, 2027.

At the time, BitMart attributed the decision to operating conditions, market conditions and its future strategy. It did not disclose a financial shortfall.

BMX, BitMart’s native token, fell about 46% following the initial announcement to roughly $0.11. The token was recently trading near $0.0626, gaining about 6% following Friday’s update.

The reference to creditor distributions adds a new element to the restructuring process. BitMart has also hired White & Case as restructuring counsel.

The potential restart comes amid continued questions over withdrawals from the exchange. Users reported difficulties withdrawing assets during August, while former employees also alleged that wages had gone unpaid.

BitMart founder Sheldon Xia disputed claims that withdrawals had been blocked and described the allegations as fabricated. He did not provide reserve figures or a timetable for resolving the reported issues.

The exchange has previously faced a major security incident. Hackers stole roughly $196 million from two BitMart hot wallets in December 2021. BitMart later pledged to reimburse affected users.

The restructuring also follows a leadership change shortly before the shutdown announcement.

Nenter Chow, who became BitMart’s global chief executive in April 2025, said he was removed from the role on July 24, two days before the exchange announced its closure.

BitMart has not committed to restarting operations. The exchange described the proposal as a potential restructuring path and said it expects to publish a roadmap by September 9.