BitMart Brought in New Financial Adviser after Withdrawal Issues

Published: September 9, 2026 – 13:48 UTC

BitMart is revising its shutdown plan and has brought in a financial adviser.
Alvarez & Marsal will help the exchange assess its assets and prepare an action plan.
The exchange is looking for a path to resume operations.

Crypto exchange BitMart has engaged consulting firm Alvarez & Marsal (A&M) as an external financial adviser to assess the platform’s financial condition, user issues, and possible options for an orderly resumption of withdrawals. The company said this amid prolonged restrictions on asset withdrawals and a review of plans to fully cease operations.

Update on the Appointment of Alvarez & Marsal as Financial Adviser and Near-Term Action Plan

Dear BitMart Users,

Following careful consideration, BitMart has appointed Alvarez & Marsal ("A&M") as its external financial adviser. A&M will assist BitMart and its legal advisers in…
— BitMart (@BitMartExchange) September 9, 2026

A&M will also help BitMart evaluate available next steps, including third-party proposals regarding the platform’s future.

The exchange said that, together with its financial and legal advisers, it will assess the company’s current operations, assets, and financial position. Among possible scenarios, BitMart cited a phased resumption of certain operations, as well as alternative options proposed by interested third parties. During this process, the company also plans to take user feedback into account.

BitMart plans to publish its next update within the next three weeks. It will cover channels for collecting user feedback, users’ main concerns, and the near-term action plan.

The Exchange Will Create a User Portal

One of the first steps will be the launch of a dedicated web portal through which users will be able to centrally submit their suggestions and questions about BitMart’s future operations. The company said the relevant link will be published via an official announcement within five business days. The feedback received will be taken into account when assessing the situation and preparing the next-steps plan.

BitMart separately acknowledged users’ concerns about the ability to withdraw funds, the status of assets, and subsequent procedures. At the same time, the exchange noted that the relevant data must be verified by an independent financial adviser before any external disclosure to ensure its accuracy and reliability.

The company also intends to bring in an independent third party in the near future to oversee operational activities and asset custody during this period. According to BitMart, this should help protect users’ interests while the exchange assesses its financial position and possible scenarios for continued operations.

Previously, BitMart engaged White & Case for legal support related to a potential restructuring. Now A&M has joined the process, tasked with assessing the company’s financial position, assets, and liabilities, as well as helping to shape a short-term action plan.

BitMart also asked users to submit claims and suggestions through lawful channels. The company said it understands concerns about withdrawal restrictions, but urged people to avoid harassment, threats, or interference in the private lives of individual employees.

Recall that in late July, BitMart announced a phased shutdown of its trading platform following a strategic review of the business and market conditions. The exchange planned to fully cease operations on January 31, 2027, however, in August the company reported that it is considering restructuring as an alternative to a complete closure, and a possible phased resumption of certain operations with payouts to creditors.

After that, a post appeared on BitMart’s Chinese X page calling on CEO Sheldon Xia to conduct an audit and provide explanations regarding users’ funds. The message also claimed that withdrawal issues had not been resolved and that some employees allegedly did not receive their most recent salary, however, Xia said the exchange’s account had been hacked.

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Source: Incrypted