BitMart Rethinks Shutdown of Its Crypto Exchange

Now, the company says it is exploring a way to remain open, according to an announcement published on its website Friday (Aug. 21).

“Following further discussions with members of the community, our stakeholders and professional advisers, BitMart is developing a potential restructuring plan as an alternative to a full wind-down,” the announcement said.

“The potential plan may include the phased resumption of certain operations in an orderly manner alongside distributions to creditors, subject to further legal, financial, operational and regulatory assessment.”

BitMart added that it has appointed the law practice White & Case as its restructuring counsel, with the firm working with BitMart’s other professional advisers to evaluate its options and help come up with a potential restructuring plan, which would include any framework for the phased resumption of business. The company said it hopes to have an update by Sept. 9.

“We will endeavor to provide further information to the community on a rolling basis as soon as it is available, and we ask for your patience and understanding while this work is carried out,” Bitmart’s announcement said. “We expect to consult with the community on any business resumption plan once it is launched.”