BitMart's Restructuring Hopes Spark Withdrawal Concerns

BitMart is exploring a potential restructuring plan that could allow some of its crypto exchange services to resume operations, but it has yet to address the pressing issue of customer withdrawals.

The exchange announced on August 21 that it had appointed White & Case as restructuring counsel and was considering a phased resumption of services alongside distributions to creditors. However, this new proposal does not change the exchange's immediate timetable for discontinuing spot, futures, and other trading services at 01:00 UTC on August 26.

Users have been strongly encouraged to submit withdrawal requests before 05:00 UTC that day, although BitMart has clarified that this is a recommended time rather than a hard cutoff. Many customers report frozen or delayed withdrawals, with no disclosed repayment plan or recovery timetable in sight.