BitMart says it may restart part of its business after planning a permanent shutdown

Techub News said BitMart may restart part of its business just weeks after announcing a permanent shutdown. On Aug. 21, the cryptocurrency exchange said it is working on a restructuring plan rather than a full cessation of operations. BitMart has hired White & Case as its restructuring adviser, and any phased restart would run alongside asset distributions to creditors. The exchange had released an exit plan on July 26. Under that plan, all trading was set to stop on Aug. 26, with a full shutdown scheduled for Jan. 31, 2027. BitMart’s BMX token fell as much as 46% after the closure plan was disclosed. The exchange had said the shutdown was driven by operating conditions and strategic considerations. Users, however, reported withdrawal problems, and founder Sheldon Xia denied those claims. BitMEX, another exchange mentioned in the report, still plans to close on Sept. 23. BeInCrypto said analysts had previously viewed multiple exchange closures as a healthy cleanup of weaker players in the market, but BitMart’s latest move ran against that expectation.