BitMart says it may reopen parts of its exchange, weeks after telling users it was closing for good.

The reversal landed on Friday. That is five days before the August 26 deadline that was set to stop all trading on the platform.

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. The schedule was firm. All trading was due to end on August 26. The platform itself would go dark on January 31, 2027.

The exchange blamed no crisis. Its notice pointed to operating conditions, the market, and future strategy. There was no mention of missing money.

Traders did not read it that way. BitMart Token (BMX) crashed 46% overnight to about $0.11. The token now trades near $0.0626, up 6% on the day following a surprising announcement.

One Word in the New Notice Changes the Story

Friday’s update reads like good news at first glance. BitMart says it is building a restructuring plan instead of a full wind-down.

Then comes the detail. Any phased restart would run “alongside distributions to creditors.”

That word matters. Creditors are people owed money. Exchanges that simply pause for market reasons do not pay out creditors.

BitMart has also hired White & Case as restructuring counsel. The firm is one of the largest insolvency practices in the world. Companies bring in that kind of help when a balance sheet needs fixing, not when a market recovers.

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Analysts Had Called the Closures a Healthy Reset

The July shutdowns drew a strangely upbeat response. Several analysts read them as the market clearing out weak venues.

Moonrock Capital founder Simon Dedic argued the model behind many exchanges had run out of road.

Crypto Banter chief executive Ran Neuner added that bottoms form when the fittest survive. Both readings assumed the exits were final.

That is the assumption Friday broke. One of the exchanges analysts called a bottom on is now working out how to trade again.

BitMEX Is Still Walking Away

BitMEX has not blinked. The derivatives venue still plans to close on September 23 after a strategic review, ending an 11-year run.

It has already returned staked BMEX balances. Verified accounts that leave funds sitting there now pay a monthly charge, which pushes users out rather than back in.

Both exchanges announced their exits three days apart. Both used near identical language about strategy. Only one is looking for a way back.

Why Users Are Not Celebrating

The July notice promised that withdrawal service would stay open. Many users say it did not.

Ethereum withdrawals spiked to a 2026 high as people rushed for the door. By mid-August, traders were reporting blocked withdrawals and former staff said wages went unpaid.

Founder Sheldon Xia denied the withdrawal claims as fabricated and threatened a police report. He gave no reserve figures and no repayment date. Investigator ZachXBT told him to return the money instead of posting statements.

There is history here. Hackers drained roughly $196 million from two BitMart hot wallets in December 2021. Security firm Peckshield first flagged the breach.

BitMart pledged to repay the victims. Weeks later, users said the money had not arrived.

The CEO Was Already Gone

One more fact 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.

“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,” he explained.

So the decision to close was taken without the sitting CEO. The decision to possibly reopen came from the same group, four weeks later.

Nothing is settled. BitMart calls the plan potential and has promised a roadmap by September 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 August 26 to get out.

Source: BeInCrypto