Crypto
Home›Crypto›Market Structure›BitMart considers phased restart and creditor payouts…
BitMart considers phased restart and creditor payouts after shutdown
The exchange hired White & Case as restructuring counsel and plans a detailed roadmap by Sept. 9.
BitMart is weighing a restructuring plan that could pair creditor distributions with a phased restart of some exchange operations, according to an announcement shared by the company.
CoinDesk reports BitMart has appointed White & Case as restructuring counsel, with a more detailed roadmap expected by Sept. 9, marking a shift from its earlier July 26 shutdown message.
In its July 26 notice, BitMart cited operating conditions, the market environment, and future strategy, without naming creditor-related actions. After that shutdown announcement, the exchange halted new registrations, deposits, and trading orders, and moved futures accounts into reduce-only mode.
BitMart set Aug. 26 as the deadline for all trading to end and planned to terminate platform operations on Jan. 31, 2027, while keeping withdrawals available under additional compliance checks. CoinDesk notes the shutdown announcement drove BitMart’s BMX token down about 58% over 24 hours, extending its year-to-date decline to 83%.