BitMart has appointed Alvarez & Marsal as its financial adviser as the crypto exchange reviews its financial situation, withdrawal restrictions and possible plans for the future.
The appointment was announced on Sept. 9, following BitMart’s decision to halt trading on Aug. 26 as part of an earlier plan to wind down its platform.
Alvarez & Marsal will work with BitMart’s legal advisers to review the company’s finances, stakeholder claims and options for handling user withdrawals. The exchange will also consider whether a phased restart of its business could be possible, along with proposals from outside parties.
However, the appointment does not mean trading has resumed or that users now have a confirmed repayment schedule. BitMart has not released independently verified figures showing its total assets, liabilities, customer shortfalls or expected recovery rates.
BitMart said it plans to provide more details about its proposed action plan and user consultation process over the next three weeks. That could mean additional information by the end of September, although no exact date was given.
The exchange also said it will create a dedicated website where users can share their views about withdrawals and BitMart’s future. The company promised to publish the portal within five business days of the Sept. 9 announcement.
A&M will review BitMart’s current operations and asset position before the exchange releases more financial information. BitMart said an independent review is important to make sure future disclosures are accurate.
Still, several important details remain unclear. The company has not explained exactly which records will be reviewed, whether A&M’s findings will be made public or whether users will receive a fully audited balance sheet.
Withdrawal issues also remain unresolved.
BitMart acknowledged that users have faced restrictions on withdrawals, but it has not said how many users are affected, which assets are involved or how much customer money is still waiting to be released.
The exchange has also not provided a specific date for completing pending withdrawals.
BitMart said another independent third party will be appointed to oversee operations and asset custody during the review. The company has not yet identified that party or explained how much control it will have over wallets, private keys and transaction approvals.
For users, one of the biggest unanswered questions is whether BitMart has enough assets to cover its obligations. There are currently no independently verified figures showing the exchange’s assets compared with what it owes customers.
BitMart announced its planned wind-down on July 26 and later halted spot, futures and other trading services on Aug. 26. The company had originally planned to complete the wider platform closure by Jan. 31, 2027.
Since then, BitMart has been exploring a possible restructuring that could include creditor payments and a phased return to operations. It previously appointed White & Case as restructuring counsel.
The latest A&M appointment is another step in that process, but it does not confirm that BitMart will reopen.
The exchange said it is considering several possible paths, including a potential restart and proposals from third parties. It has not identified any potential investors, buyers or financing partners.
Any decision to restart the platform will likely depend on the financial review, available assets, legal advice and discussions with affected users and other stakeholders.
The upcoming user feedback portal will allow customers to share their views, but it is not the same as a formal creditor vote or legally binding claims process.
For now, the key deadlines are the launch of the feedback portal within five business days and further action-plan details within three weeks.
Until BitMart provides verified financial information, clear withdrawal plans and details about how customer assets will be handled, users will still have limited visibility into the exchange’s financial condition and their potential recovery.
