Updated 10 September 2026: the original version of this article treated BitMart and BitMEX as two parallel, orderly exchange closures. They are no longer the same story.
BitMEX is still proceeding toward the closure of its exchange operations on 23 September 2026 at 04:00 UTC. Its current closure FAQ says users will still be able to log in and withdraw after the exchange closes, although functionality will be reduced and remaining verified balances will incur an account fee.
BitMart, by contrast, is now assessing a possible restructuring and phased resumption instead of simply following the July wind-down plan. On 9 September, BitMart said it appointed Alvarez & Marsal as external financial adviser to assess its financial position, stakeholder issues and arrangements for orderly withdrawals. BitMart also explicitly acknowledged withdrawal restrictions imposed during the preceding period.
| THE ROBIUS VERDICT: CAUTION. Do not treat BitMart and BitMEX as one generic “exchange closure” anymore. BitMEX has a published shutdown timetable and continuing post-closure withdrawal route. BitMart’s position is materially less settled: the company is assessing its financial position with an external adviser, has acknowledged withdrawal restrictions, and is evaluating restructuring, possible resumption and other alternatives. That does not prove BitMart is insolvent, but it means the old Robius statement that its wind-down “looks orderly rather than insolvent” is no longer supportable. If you have assets on either platform, use only official channels and preserve your account and transaction records. |
First Correction: BitMart’s July Wind-Down Is No Longer the Whole Story
BitMart announced an orderly cessation plan on 26 July. The original plan suspended new registrations, deposits and new trading activity in stages, stopped trading on 26 August and pointed toward final cessation of trading-platform operations on 31 January 2027.
Then the path changed.
On 21 August, BitMart said it was developing a potential restructuring plan as an alternative to a full wind-down. The company said the plan could include phased resumption of some operations alongside distributions to creditors, subject to legal, financial, operational and regulatory assessment. It appointed White & Case as restructuring counsel.
On 9 September, BitMart announced another major step: it appointed Alvarez & Marsal as external financial adviser to assess BitMart’s financial position, stakeholder issues and withdrawal arrangements and help develop a near-term action plan.
That September announcement matters because BitMart says relevant asset and financial-position data need independent verification before external disclosure. The company also refers directly to withdrawal restrictions imposed over the past period.
What We Can and Cannot Say About BitMart’s Financial Position
The July Robius verdict said both wind-downs appeared orderly rather than insolvent. That conclusion should not remain live as a statement of current fact.
BitMart has not said in the September 9 announcement that it is insolvent. Robius has not independently established insolvency either.
What BitMart has said is that an external financial adviser will assess its assets and financial position, stakeholder issues, withdrawal arrangements and possible paths forward. Until that work is complete and more verified information is published, readers should not replace the old “orderly” assumption with an equally unsupported “insolvent” claim.
The evidence-based position is uncertainty plus elevated withdrawal risk.
BitMart’s Next Update Is Now the Key Event
BitMart says Alvarez & Marsal will help prepare a near-term action plan and that it intends to provide further updates over the coming weeks. The company also plans a dedicated web portal for centralized user feedback and says it intends to appoint an independent third party to provide oversight of operations and asset safekeeping during this period.
For users, the most important future disclosures are not marketing statements about a resumption. They are the verified asset position, withdrawal arrangements, treatment of user claims, any creditor-distribution framework, and the legal structure of a restructuring or restart.
BitMEX Is Still Closing — but the Important Dates Changed
BitMEX’s shutdown remains more straightforward. Its current official FAQ says exchange operations close on 23 September 2026 at 04:00 UTC.
However, traders should not use the old July article’s 26 August date as the main current deadline. BitMEX has continued to publish contract-specific wind-down steps.
On 3 September, BitMEX said the remaining derivatives would move into reduce-only mode in stages and that all remaining derivatives contracts — four perpetual swaps and four futures contracts — are scheduled to be delisted and settled on 16 September at 12:00 UTC.
If you still have an open BitMEX derivatives position, check the current contract notice rather than relying on the original July timetable.
BitMEX Withdrawals Continue After Exchange Closure
BitMEX’s current FAQ says users can continue to log in after the September 23 closure to view wallet balances and transaction history and access withdrawal pages.
There are still reasons not to leave funds unnecessarily. From September 23, fully verified balances remaining on the exchange are subject to a monthly account fee. BitMEX currently describes that fee as an annualised 1% or the equivalent of USD 50, whichever is greater, deducted from the remaining balance.
BitMEX also says that from 28 September at 04:00 UTC, API withdrawals will be disabled and USDT, USDC and ETH withdrawal network flexibility will be reduced to Ethereum for those assets.
The Old Article Even Had the UTC Conversion Backwards
The July version said, “Dubai runs four hours ahead, so subtract accordingly.” That is backwards.
Dubai is UTC+4. To convert a UTC deadline to Dubai time, add four hours. For example, BitMEX’s 04:00 UTC exchange-closure time corresponds to 08:00 in Dubai.
For any financial deadline, use the platform’s source timezone and convert it carefully rather than relying on an old article.
UAE Regulatory Status: Verify the Exact Exchange Before Moving Funds
VARA’s current public register is the official source for VASPs licensed or holding in-principle approval in Dubai outside DIFC. A search of the current VARA public-register page reviewed for this update did not return BitMart or BitMEX by those names.
That does not by itself describe every possible group entity or permission in every jurisdiction. It does mean a Dubai user should not infer local authorisation from the fact that an offshore exchange accepts AED, mentions UAE regulation in website copy or remains accessible online.
VARA states that firms carrying on virtual-asset activities in or from Dubai outside DIFC require the appropriate VARA licence. For ADGM or DIFC activity, check the FSRA or DFSA public register for the exact legal entity and authorised activity.
The Scam Risk Is Higher When Withdrawal Rules Are Moving
The original article’s scam warning still stands, and it matters even more where users are concerned about withdrawal restrictions.
Do not pay a person in Telegram, WhatsApp or a private social-media message to “unlock,” “prioritise,” “verify” or “recover” an exchange withdrawal. Do not share an authenticator code, password, private key or recovery phrase with someone claiming to be support.
For BitMart, follow the company’s official announcements and the user-feedback portal when it is published. For BitMEX, use the official website and support centre. Reach the service directly rather than through links sent in unsolicited messages.
If You Still Have Assets on BitMart
- Preserve evidence now: download or screenshot balances, transaction history, deposits, withdrawals, account identifiers and any support correspondence.
- Use the official withdrawal process: do not use a third-party “recovery” service merely because restrictions or delays exist.
- Read every new BitMart announcement: restructuring can change withdrawal procedures, claim treatment and timelines.
- Keep KYC information current: identity and compliance review may be relevant to withdrawal processing.
- Do not assume resumption means immediate normal withdrawals: any restart remains subject to the restructuring and assessment BitMart itself describes.
- Escalate material claims professionally: if the amount is significant or access remains restricted, consider qualified legal advice in the jurisdiction governing your account agreement.
If You Still Have Assets or Positions on BitMEX
- Check open derivatives immediately: remaining contracts are scheduled for settlement on September 16, before the exchange closes.
- Withdraw when practical: withdrawals continue after closure, but account fees and technical changes follow.
- Download history: preserve transaction and trade records before the trading interface disappears.
- Check the withdrawal network after September 28: API withdrawals stop and network options for some assets narrow.
- Ignore private “closure support”: use BitMEX’s own support channels.
The Bottom Line
The July article started with two exchanges shutting down and one shared date. By September, that framing is obsolete.
BitMEX is still on a published path to exchange closure on September 23, with the remaining derivatives scheduled to settle on September 16 and post-closure withdrawals still available under reduced functionality.
BitMart has moved from a simple wind-down into a restructuring assessment. It has hired White & Case and Alvarez & Marsal, acknowledged withdrawal restrictions, and says its financial position and withdrawal arrangements require independent assessment. A possible resumption is being evaluated, but it is not a completed rescue plan.
That does not justify calling BitMart insolvent. It does justify withdrawing the old “orderly rather than insolvent” verdict and replacing it with CAUTION until the company publishes independently reviewed information and a clear withdrawal/restructuring plan.
Sources
• BitMart, 9 September 2026: appointment of Alvarez & Marsal, assessment of financial position and withdrawal arrangements, acknowledgement of withdrawal restrictions and near-term action plan — bitmart.com
• BitMart, 21 August 2026: potential restructuring and phased business-resumption plan; appointment of White & Case as restructuring counsel — bitmart.com
• BitMart, 26 July 2026: original orderly-cessation timetable — bitmart.com
• BitMEX Closure FAQ: current September 23 closure, post-closure withdrawals, account fee and September 28 withdrawal changes — bitmex.com
• BitMEX, 3 September 2026: reduce-only timetable and settlement of remaining derivatives on 16 September — bitmex.com
• VARA Public Register: current official register of Dubai VASPs — vara.ae
Checked 10 September 2026. Exchange restructuring, withdrawal rules and closure dates can change rapidly. Verify the current official announcement before taking action. This article is general information, not financial or legal advice.
Robius.news — Dubai, UAE — 2026 | Built to be first. Built to be trusted.
