Crypto derivatives exchange BitMEX has officially ended all exchange operations, following a closure plan announced two months ago after more than 11 years of service. Trading and deposits are no longer supported on the platform.
While exchange services have ceased, users are still able to log in and withdraw their remaining balances through the BitMEX website. As part of its phased shutdown, the platform plans to disable application programming interface withdrawals on Sept. 28, meaning users will need to use the web interface for any subsequent withdrawals.
BitMEX assured users that their funds remain secure and strongly urged customers to withdraw their remaining balances. The exchange was originally launched in 2014 and became a prominent venue for crypto derivatives, notably popularizing perpetual swaps with up to 100 times leverage.
According to its owner and operator, HDR Global Trading Limited, the closure follows a strategic review of the business and the wider cryptocurrency industry. The company emphasized that the decision to shut down is unrelated to legal or regulatory issues.
The wind-down coincides with legal developments involving the platform. Days prior to the closure, the Celsius bankruptcy estate filed a lawsuit against five BitMEX-linked companies, alleging market manipulation, fraud, and wrongful liquidations involving 6,360 Bitcoin during the March 2020 market crash. The estate is seeking an amount equivalent to nearly $490 million in Bitcoin at the time the lawsuit was reported.
