BitMart appointed Alvarez & Marsal as its financial adviser on Sept. 9 as the crypto exchange reviews its financial position, withdrawal restrictions and possible paths following the suspension of trading.
Summary
- BitMart appointed A&M to assess finances, stakeholder claims and withdrawal arrangements with its legal advisers.
- Five business days is BitMart’s deadline to publish a dedicated user feedback portal online publicly.
- BitMart expects to announce its action plan and consultation details within three weeks of Wednesday.
- BitMart halted trading on August 26 after announcing an orderly platform wind-down in July 2026.
- No audited asset balance, creditor recovery rate or withdrawal timetable accompanied the advisory appointment announcement.
The exchange said A&M would work alongside its legal advisers to assess its finances, stakeholder matters and arrangements for an “orderly withdrawal” process. BitMart also said it would examine a potential phased business restart and proposals from unidentified third parties.
The appointment does not reverse BitMart’s trading halt or provide users with a confirmed repayment schedule. The exchange has not published independently verified asset and liability figures, customer shortfall estimates or expected recovery rates.
BitMart gives itself three weeks to produce an action plan
BitMart said it would progressively announce its proposed action plan, user consultation process and feedback mechanisms during the next three weeks. That timetable points to further information by approximately the end of September, although the company did not provide a specific date.
The exchange plans to establish a dedicated website through which users can submit opinions about withdrawals and BitMart’s future direction. It promised to publish the link within five business days of the Sept. 9 announcement.
A&M will review BitMart’s current operations and asset position before the exchange releases related financial information. BitMart said independent review was needed to ensure that future disclosures were accurate.
However, the announcement did not specify what records A&M would examine, whether its findings would be published in full or whether users would receive an independently audited balance sheet. A search of A&M’s public website did not identify a separate statement confirming the engagement at the time of reporting.
Withdrawal arrangements remain unresolved
BitMart acknowledged that users had faced withdrawal restrictions and resulting uncertainty. It said withdrawal arrangements, asset status and future procedures were among the matters now being reviewed.
The exchange did not say how many users remain unable to withdraw, which assets are affected or how much customer property is awaiting release. It also did not provide a date for clearing pending withdrawal requests.
BitMart said it would appoint another independent third party to oversee operations and asset custody during the review. The company did not identify that party or explain its authority over wallets, private keys and transaction approvals.
This leaves several central questions unanswered. Users still lack verified figures showing BitMart’s available assets against customer liabilities. No court-supervised restructuring, bankruptcy petition or regulator-led creditor process has been announced publicly.
Claims on social media that assets are missing or that every withdrawal has failed remain unverified. BitMart’s own acknowledgement of withdrawal restrictions confirms an operational problem, but it does not establish the size or cause of any potential shortfall.
BitMart had already halted trading during its wind-down
BitMart announced an orderly wind-down on July 26, citing its operating conditions, market environment and future strategy. The original notice scheduled the end of spot, futures and other trading services for Aug. 26.
The exchange initially planned to complete the wider platform closure by Jan. 31, 2027. It encouraged users to close positions, complete identity checks and submit withdrawals as early as possible.
BitMart later began considering a restructuring that could combine creditor distributions with a phased restart. It appointed White & Case as restructuring counsel and promised an update by Sept. 9.
As crypto.news previously reported, the exchange was evaluating creditor distributions and a phased operational restart without disclosing reserve figures, creditor eligibility rules or payout percentages. The A&M appointment satisfies the promised update but does not answer those financial questions.
The company’s support pages and main website remain online. Some promotional product pages also remain visible, but their presence does not establish that centralized trading services have resumed.
A business restart remains only one possible outcome
BitMart said it would explore “various feasible follow-up actions.” Those options include a possible orderly restart and third-party proposals, but the exchange did not identify potential investors, buyers or financing providers.
The company also did not commit to reopening. Any restart would depend on the financial review, available assets, legal advice and negotiations with affected stakeholders.
User feedback may influence the assessment, according to BitMart. However, the feedback portal is a consultation channel rather than a formal creditor vote or legally binding claims process.
The next confirmed deadline is the publication of that portal within five business days. Users should then expect additional action-plan details within three weeks. The most consequential disclosures will be independently verified asset and liability figures, the status of pending withdrawals and the identity of the proposed custody supervisor.
Until those disclosures appear, BitMart’s financial condition and users’ expected recoveries remain unknown.
