BitMart walked back its July 26 shutdown decision on Friday, five days before all trading was set to end, hiring restructuring counsel White & Case to explore a phased resumption.
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BitMart reverses shutdown, eyes phased restart as BMX climbs 6%
BitMart reversed its shutdown decision Aug. 21, hiring White & Case for a phased restart with creditor distributions, five days before the Aug. 26 deadline.
"Since 24 July I have had no role in the management or decision-making of the company and have not been consulted on any operational matters," Nenter Chow, former global chief executive at BitMart, said.
The exchange's BMX token crashed 46% overnight to about $0.11 after the July 26 exit notice and now trades near $0.0626, up 6% on the day. Ethereum withdrawals spiked to a 2026 high as users rushed for the door. By mid-August, traders reported blocked withdrawals and former staff said wages went unpaid.
The reversal comes as founder Sheldon Xia, who stepped back to group president in April 2025, faces mounting pressure. Xia denied the withdrawal claims as fabricated and threatened a police report, giving no reserve figures and no repayment date. Investigator ZachXBT told him to return the money instead of posting statements.
A Shutdown That Was Meant to Be Permanent
BitMart published its exit plan on July 26. New sign-ups, deposits, and new orders stopped the same morning. All trading was due to end Aug. 26, and the platform itself would go dark Jan. 31, 2027. The exchange blamed operating conditions, the market, and future strategy — no mention of missing money.
Friday's update reads differently. BitMart says it is building a restructuring plan instead of a full wind-down, with any phased restart running "alongside distributions to creditors." That word matters: creditors are people owed money. Exchanges that simply pause for market reasons do not pay out creditors.
The hiring of White & Case — one of the largest insolvency practices in the world — points to a balance sheet that needs fixing, not a market that recovered.
Leadership Turmoil Complicates the Comeback
Nenter Chow was named BitMart's global chief executive in April 2025, when Xia stepped back to group president. Chow says he was fired on July 24, two days before the shutdown notice went out. The decision to close was taken without the sitting CEO; the decision to possibly reopen came from the same group four weeks later.
There is history here. Hackers drained roughly $196 million from two BitMart hot wallets in December 2021, according to security firm Peckshield. BitMart pledged to repay victims; weeks later, users said the money had not arrived.
BitMEX, which announced its exit three days after BitMart, has not blinked. The derivatives venue still plans to close Sept. 23 after an 11-year run. Both exchanges used near-identical language about strategy; only one is looking for a way back.
BitMart has promised a roadmap by Sept. 9. The test is simple: if that roadmap carries wallet addresses, reserve totals, and a payment date, the restart is real. If it carries another paragraph of intentions, users still have until Aug. 26 to get out.
This article is for informational purposes only and does not constitute investment advice.
[1] BitMart Walks Back Shutdown Decision Amid Leadership Turmoil[2] BitMart Reverses Shutdown Plan, Explores Phased Restart via Restructuring | Exchanges Cryptocurrency Exchange | CryptoRank.io[3] BitMart issues update on possible restructuring and next steps for business operations[4] BitMart Reverses Shutdown Plan, Explores Phased Restart Via Restructuring[5] BitMart Reverses Shutdown Decision, What Changed?
