Crypto exchange BitMart said on September 9, 2026, that it had appointed Alvarez & Marsal as an external financial adviser to assess its financial condition and options for an orderly resumption of withdrawals amid prolonged restrictions. The appointment comes as BitMart reviews its plan to cease operations and considers a phased restart or proposals from third parties.

In an announcement, BitMart said A&M would work with the exchange and its legal advisers to evaluate its current operations, assets and financial position. The consulting firm will also assess user issues and help prepare a near-term action plan.

BitMart said the review would cover possible next steps, including the phased resumption of certain operations and alternative proposals from parties interested in the platform’s future. The exchange said it would consider user feedback during the process.

User portal and financial review

BitMart plans to create a dedicated web portal where users can submit questions and proposals about the exchange’s future operations. It said it would publish a link through an official announcement within five business days.

The exchange said it would issue another update within three weeks covering the channels for collecting feedback, users’ principal concerns and its short-term action plan.

BitMart acknowledged concerns about withdrawals, the status of assets and subsequent procedures. However, it said an independent financial adviser must verify the relevant information before public disclosure to ensure its accuracy and reliability.

The company also plans to appoint an independent third party to oversee operational activities and asset custody during the review. BitMart said this step should help protect users’ interests while it assesses its finances and options for continuing operations.

BitMart previously retained White & Case for legal support related to a potential restructuring. A&M will assess the company’s financial position, assets and liabilities and help develop the short-term plan.

The exchange asked users to submit claims and suggestions through lawful channels. While acknowledging concerns about withdrawal restrictions, it urged users to avoid harassment, threats or interference in employees’ private lives.

Shutdown plan under review

BitMart announced in late July that it would phase out its trading platform following a strategic review of its business and market conditions. The exchange planned to cease operations fully on January 31, 2027.

In August, however, BitMart said it was considering restructuring as an alternative to a complete closure. The options included a possible phased resumption of some operations and payments to creditors.

A subsequent post on BitMart’s Chinese-language X account called on Chief Executive Sheldon Xia to conduct an audit and explain the status of user funds. The post claimed that withdrawal problems remained unresolved and alleged that some employees had not received their most recent salary. Xia said the exchange’s account had been hacked.

Source: Incrypted