BitMEX Officially Shuts Down Trading After More Than A Decade In Business

BitMEX halted all exchange operations at 4:00 UTC on Wednesday, drawing a close to more than 11 years in the crypto derivatives business. The platform has stopped accepting trades and new deposits, though customers can still access their accounts and pull out remaining balances through the company website.

Withdrawal Window Narrowing Soon

Users have a limited path forward for accessing funds. Starting September 28, the exchange will turn off withdrawals made through its application programming interface, meaning anyone with money still on the platform will need to complete the process directly through the web portal going forward.

Company Says Funds Remain Safe

BitMEX assured customers that their balances are secure and encouraged them to move their money out as soon as possible. HDR Global Trading Limited, the firm behind the exchange, said the decision followed an internal review of both the company and the broader digital asset industry. The exchange stated clearly that no legal or regulatory pressure forced the closure.

A Decade Of Influence Comes To An End

Founded in 2014, BitMEX became one of the most recognized names in crypto derivatives trading and played a major role in popularizing perpetual swap contracts, including leverage options reaching as high as 100 times. The shutdown was first announced back on July 23, with September 23 set as the original target date for ending services.

Timing Coincides With Legal Trouble

The closure arrives shortly after the Celsius bankruptcy estate filed suit against five companies connected to BitMEX. The lawsuit accuses the firms of fraud, manipulating markets, and carrying out improper liquidations involving 6,360 Bitcoin during the market crash of March 2020. The estate is pursuing bitcoin holdings valued at nearly $490 million based on pricing at the time the suit became public.