BitMart has launched a dedicated user engagement portal for questions about withdrawals and its future plans, giving customers a formal channel to submit concerns as financial adviser Alvarez & Marsal reviews the exchange’s position.
Summary
- BitMart has launched a user portal for withdrawal enquiries, general feedback and potential restructuring proposals.
- Submissions will be reviewed by BitMart, Alvarez & Marsal and the exchange’s legal advisers as part of an ongoing assessment.
- The portal will not process individual withdrawals, and submitting a ticket will not change the status of an account or assets.
- BitMart plans to appoint an independent third party to oversee operations and the safekeeping of assets during the review.
According to BitMart’s official announcement, the portal will collect questions, concerns and feedback covering withdrawal arrangements, the exchange’s action plan and its future direction. Submissions will be considered as part of an assessment being conducted by BitMart, Alvarez & Marsal and the company’s legal advisers.
The portal comes one week after BitMart appointed Alvarez & Marsal as its financial adviser on Sept. 9. As crypto.news previously reported, A&M was brought in to assess the exchange’s finances, stakeholder claims and withdrawal arrangements after trading had been suspended.
BitMart said at the time that a dedicated user feedback portal would be published within five business days. The company expected to provide details of its action plan and consultation process within three weeks of the Sept. 9 announcement.
BitMart portal accepts withdrawal and restructuring enquiries
Users accessing the portal must select “User Engagement Portal” as the issue type. Submissions made under other categories will be processed as regular customer support tickets and will not form part of the assessment process, BitMart said.
Customers are asked to provide an email address, with existing users encouraged to use the address registered to their BitMart account. A BitMart ID can be provided but is optional.
The portal separates submissions into four categories: withdrawal-related enquiries, general feedback, potential investor or restructuring proposals, and other enquiries. Users can provide a subject, description, relevant dates or transaction references and supporting files.
Submitting the form does not immediately complete the process. BitMart said users will receive a verification message from [email protected] and must click the link in that email before the submission is formally filed. A confirmation containing a ticket number is then sent once verification is complete.
The exchange asked users to submit only one ticket for each issue, saying duplicate tickets would not speed up the review. While every verified submission will be recorded and reviewed, BitMart warned that the volume of correspondence could prevent individual responses to every user.
Portal will not process individual BitMart withdrawals
BitMart stressed that the portal does not function as an individual withdrawal processing system. Filing a ticket will not change the status of a user’s account or assets.
Withdrawal access has remained one of the main issues surrounding the exchange since it began winding down its trading operations in July.
BitMart announced its phased shutdown on July 26 after reviewing its operating conditions, market environment and future strategy. The company stopped new registrations, crypto and fiat deposits and new spot orders, while futures accounts moved into reduce-only mode.
Trading services ended on Aug. 26 under the timetable announced by the exchange. BitMart originally planned to terminate its wider trading platform operations on Jan. 31, 2027, while retaining limited account access for users to view records and submit withdrawals.
Questions about customer access to funds had surfaced before trading ended. On Aug. 17, a group of users and employees called for reserve disclosures and demanded information about assets, liabilities, wallets and reserves available to meet withdrawals.
The group asked BitMart to publish a repayment plan and allow independent third-party scrutiny of its financial position. Its statement said a large number of customers were unable to withdraw assets, while some employees had not received salary or compensation owed to them.
BitMart had previously maintained that withdrawals remained available during its wind-down, though requests could be subject to identity checks, sanctions screening, source-of-funds reviews and wallet ownership verification.
BitMart has been considering a phased restart
The exchange’s plans changed in August when it began considering restructuring options instead of proceeding solely with the original shutdown.
On Aug. 21, BitMart said it was evaluating creditor distributions alongside the possible phased restart of selected operations. White & Case was appointed as restructuring counsel to help assess the available options.
The proposal did not amount to an approved restart. BitMart said any resumption would remain subject to legal, financial, operational and regulatory reviews, while the announcement did not specify creditor eligibility, payout percentages or the amount of assets available for distributions.
No public bankruptcy petition or court-supervised restructuring process had been identified when the plan was announced.
The new portal now provides a specific category for potential investors or restructuring proposals, allowing such submissions to enter the assessment being conducted with the exchange’s advisers.
A&M’s appointment on Sept. 9 added another external adviser to that process. BitMart said the firm would assist in reviewing its current operations and asset position before related financial information was released.
At the time of the appointment, the exchange had not published an audited asset balance, creditor recovery rate or timetable for restricted withdrawals.
Independent third party remains part of BitMart plan
BitMart said information submitted through the portal will be accessible to the company and its advisers for the ongoing assessment and retained under its data retention policy.
The exchange warned customers about impersonation attempts during the process. It said the official portal published through its own channels is the only feedback portal and that verification and confirmation emails will come from [email protected].
Users were told to disregard other links or contacts claiming to offer feedback, claims processing or asset recovery services on BitMart’s behalf. The company said it will never request passwords, two-factor authentication codes, private keys or seed phrases.
Similar warnings were issued when the exchange announced its shutdown in July, when BitMart told customers that it would not charge an expedited withdrawal fee or request account credentials and private wallet information.
The company plans to release further updates on its action plan and the financial assessment while working toward the appointment of an independent third party to oversee operations and the safekeeping of assets during the process.
