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FollowingBitMart appoints Alvarez & Marsal as financial advisers to review the financial situation and future paths
On September 9, cryptocurrency exchange BitMart announced that it has hired Alvarez & Marsal (hereinafter referred to as "A&M") as its financial adviser. The move aims to conduct a comprehensive assessment of the platform's financial situation, withdrawal restrictions and possible ways out after trading is suspended.
A&M will work in conjunction with BitMart's legal advisory team to focus on assessing its financial health, stakeholder rights and arrangements for an "orderly exit" mechanism. At the same time, BitMart said it would review potential phased business restart options and evaluate proposals from undisclosed third parties. However, the appointment did not change the status quo of trading suspension, nor did it provide users with a firm repayment schedule.
Recent Action Plan and Timetable
According to the announcement, BitMart promises to publicly launch a dedicated user feedback portal within five working days after September 9 for users to submit opinions on cash withdrawals and the future direction of the platform. In addition, the exchange is expected to announce specific action plans and consultation details within three weeks (around the end of September).
It is worth noting that as of now, the official has not released the audited asset balance, creditor recovery rate or a clear withdrawal schedule. BitMart emphasized that independent third-party review is introduced to ensure the accuracy of future disclosure information, but it is unclear whether the specific scope of the review, whether the results are fully disclosed, and whether users will have access to audited balance sheets.
Withdrawal arrangements are still pending
BitMart acknowledged that users face withdrawal restrictions and the resulting uncertainty, and said it is reviewing the asset status, future procedures and withdrawal arrangements. However, the following key information was not disclosed in the announcement:
- The number of users still unable to withdraw cash;
- the asset types affected;
- The size of customer assets to be released;
- the specific date on which pending withdrawal requests were processed.
In addition, BitMart said it would appoint another independent third-party agency to oversee operations and asset custody, but did not identify the agency and its authority to approve wallet private keys and transactions. This leaves several core issues still unanswered: the lack of verified data on available assets versus customer liabilities, and the failure to announce any court-supervised restructurings, bankruptcy filings or regulator-led creditor proceedings.
Background: Trading suspension and orderly clearing
As early as July 26, BitMart announced that due to operating conditions, market environment and future strategic considerations, it would orderly terminate spot, futures and other trading services on August 26, 2026. It was originally planned to complete the complete closure of the platform by January 31, 2027, and encourage users to close positions, complete identity verification and submit withdrawals as soon as possible.
Subsequently, BitMart began to consider a reorganization plan that combines creditor allocation and phased restart, and hired White & Case as the reorganization legal adviser, promising to update the progress on September 9. The A&M appointment meets that promise, but still leaves unanswered core financial questions about reserves, creditor qualifications or payout ratios.
A business restart is only one possibility.
BitMart said it would explore "various feasible follow-up actions," including an orderly restart and acceptance of third-party proposals, but did not mention potential investors, buyers or financiers. The company has not committed to reopen its business, and any decision to reopen will depend on financial review, available assets, legal advice and negotiations with affected stakeholders.
Although user feedback may affect the final assessment, the feedback portal serves only as a channel for consultation and not as a legally binding formal creditor voting or claims process. Until key information such as independently verified asset and liability data, pending withdrawal status and identity of the custodian supervisor is disclosed, BitMart's financial status and users 'expected recovery rate remain unknown.
