BitMEX ends crypto trading, keeps withdrawals open after closure
BitMEX halted all trading and deposit activity at 04:00 UTC on Wednesday after more than 11 years in operation, though users can still access accounts and withdraw funds via the website. The derivatives platform said API withdrawals will be turned off on Sept. 28, after which withdrawals must be processed through its web interface.
Why It Matters
The shutdown ends the run of an exchange that helped popularize high-leverage perpetual swaps and was a major venue for crypto derivatives, affecting users who must now move funds off the platform. It also comes amid legal scrutiny tied to related industry litigation that could influence recovery of assets or future proceedings.
Key Facts
- Exchange halt time: 4:00 UTC on Wednesday
- Operations affected: Trading and deposits disabled; logins and web withdrawals remain available
- API withdrawal cutoff: Sept. 28
- Owner/operator: HDR Global Trading Limited
- Original closure announcement: July 23, with planned cessation on Sept. 23
BitMEX has stopped exchange operations, ceasing trading and deposit functionality at 04:00 UTC on Wednesday while allowing users to continue signing in and withdrawing funds via its website. The company said it will disable application programming interface (API) withdrawals on Sept. 28; after that date customers must submit withdrawal requests through the web platform.
The operator, HDR Global Trading Limited, said the decision to wind down the exchange followed a strategic review of its business and the wider cryptocurrency industry and was not prompted by legal or regulatory action. BitMEX reassured users that funds remain secure and encouraged customers to withdraw any remaining balances.
Launched in 2014, BitMEX grew into a leading venue for crypto derivatives and helped popularize perpetual swap contracts that offered leverage up to 100x. The platform first announced its planned closure on July 23 and had set an initial shutdown date of Sept. 23 before formally ending exchange operations this week.
The shutdown coincides with renewed legal activity involving BitMEX-linked entities: days earlier the Celsius bankruptcy estate filed suit against five companies tied to BitMEX, alleging fraud, market manipulation and wrongful liquidations related to 6,360 Bitcoin during the March 2020 market crash. The Celsius estate is pursuing Bitcoin valued at roughly $490 million at the time the lawsuit was reported.
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Original source: Cointelegraph