BitMEX shuts down trading operations while maintaining withdrawal access post-closure
After over 11 years in operation, BitMEX has formally ceased exchange services, though the cryptocurrency derivatives platform continues to allow withdrawals and is encouraging users to retrieve their assets.
All exchange operations on BitMEX came to a halt at 4:00 UTC on Wednesday, marking the conclusion of a shutdown process that began two months prior when the cryptocurrency derivatives platform revealed its intention to discontinue services after operating for more than 11 years.
Trading and deposits have been completely disabled on the platform, though customers retain the ability to access their accounts and retrieve any remaining funds via the website, according to a Wednesday announcement from BitMEX on X.
In accordance with its step-by-step shutdown plan, BitMEX is scheduled to deactivate application programming interface (API) withdrawals on Sept. 28, which will necessitate that users complete their withdrawals exclusively through the web-based platform.
The exchange emphasized that customer funds continue to be protected and strongly encouraged all users to withdraw any balances they have remaining. The organization restated that HDR Global Trading Limited, which owns and operates the platform, made the decision to shut down the exchange following a comprehensive strategic assessment of both the business operations and the wider cryptocurrency sector, clarifying that the shutdown was unrelated to any legal or regulatory complications.
The initial shutdown announcement from BitMEX came on July 23, when the platform disclosed it would terminate exchange services on Sept. 23 following more than 11 years in business. Since its launch in 2014, the platform established itself as a prominent destination for cryptocurrency derivatives trading and played a significant role in making perpetual swaps with leverage ratios reaching up to 100 times widely popular.
The shutdown arrives just days following legal action taken by the Celsius bankruptcy estate against five companies associated with BitMEX, with allegations including fraud, market manipulation and improper liquidations connected to 6,360 Bitcoin during the market collapse in March 2020. The estate's lawsuit seeks Bitcoin valued at nearly $490 million based on prices at the time the legal action was reported.