BitMart has appointed Alvarez & Marsal as its external financial adviser, marking the exchange’s response to a self-imposed September 9 deadline for progress on its future plans. The move comes as the platform continues to operate under a trading suspension and faces unresolved restrictions on user withdrawals.

The appointment positions Alvarez & Marsal to collaborate with BitMart’s legal advisers in evaluating the company’s financial position, assets, stakeholder claims, and arrangements for an orderly withdrawal process. The review will also examine the feasibility of a phased business restart and any proposals received from unidentified third parties.

Background on Wind-Down and Shift Toward Restructuring

BitMart announced an orderly platform wind-down on July 26, citing operating conditions, market environment, and strategic direction. Trading in spot, futures, and other services was scheduled to end on August 26, with a target for complete platform closure by January 31, 2027. Users were advised to close positions, complete identity verification, and submit withdrawal requests promptly.

The exchange later indicated it was weighing a restructuring that could combine creditor distributions with a phased operational restart. White & Case had already been named as restructuring legal counsel. The September 9 update was intended to provide further clarity on those plans, but the announcement centered on the adviser appointment rather than a full published roadmap containing asset inventories, recovery estimates, or a withdrawal schedule.

Scope of the Financial Review and Near-Term Commitments

Alvarez & Marsal’s engagement is intended to support accurate disclosures by first reviewing current operations and asset status. BitMart stated that independent assessment is required before releasing related financial information. The company has not disclosed specific records under review, whether findings will be published in full, or whether users will receive an independently audited balance sheet.

In parallel, BitMart plans to establish a dedicated website for users to submit feedback on withdrawals and the platform’s future direction. The portal link is scheduled for public release within five business days of the September 9 announcement. The exchange expects to provide progressive details on its proposed action plan, consultation process, and feedback mechanisms over the following three weeks.

BitMart also intends to appoint a separate independent third party to oversee operations and asset custody during the review period, though it has not identified the party or defined its authority over wallets, private keys, or transaction approvals.

User Withdrawals and Outstanding Financial Questions

Withdrawal restrictions remain in place, and the exchange has not provided figures on the number of affected users, specific assets involved, or a timeline for clearing pending requests. No independently verified asset and liability totals, customer shortfall estimates, or expected recovery rates accompanied the adviser appointment.

Earlier self-reported reserve figures cited in coverage stood at approximately $5.36 million, largely in the exchange’s own BMX token, against substantially higher reported daily trading volumes. A proof-of-reserves report promised in May has not been published. Founder Sheldon Xia previously stated that the exchange had not misappropriated funds but offered no supporting numerical detail.

Echo Base, which has organized an ad hoc committee of BitMart claimholders and retained legal counsel, described the adviser appointment as the most encouraging step taken since July. The firm had previously submitted a funded offer of up to $10 million to sponsor a pre-negotiated bankruptcy process, though no response from the exchange was reported at the time of the September update.

Possible Outcomes Remain Open

BitMart characterized the current process as an exploration of various feasible follow-up actions. A potential orderly restart remains one option under consideration, alongside evaluation of third-party proposals. Any resumption of operations would depend on the results of the financial review, available assets, legal guidance, and discussions with affected parties.

The feedback portal is positioned as a consultation channel rather than a formal creditor voting mechanism. No court-supervised restructuring, bankruptcy filing, or regulator-led process has been announced. Central questions regarding verified reserves relative to customer liabilities and the practical path to restoring withdrawals continue to await further disclosure.

Trading services remain halted, while the company’s support pages and website stay accessible. The next scheduled milestones are the launch of the user feedback portal within five business days and additional action-plan details within three weeks.