BitMEX ends crypto trading, keeps withdrawals open after closure

BitMEX ended all exchange operations at 4:00 UTC on Wednesday, two months after the crypto derivatives exchange announced plans to shut down after more than 11 years of operations.

The platform no longer allows trading or deposits, but users can still log in and withdraw remaining balances through its website, BitMEX announced in an X post on Wednesday.

As part of its gradual phaseout, BitMEX will disable application programming interface (API) withdrawals on Sept. 28, requiring users to process withdrawals through the web platform.

BitMEX said users’ funds remain secure and urged customers to withdraw their remaining balances. The company reiterated that its owner and operator, HDR Global Trading Limited, decided to close the exchange after a strategic review of the business and broader crypto industry, adding that the closure was not linked to legal or regulatory issues.

BitMEX originally announced the closure on July 23, when it said it would cease exchange services on Sept. 23 after more than 11 years of operations. The platform, launched in 2014, became a major venue for crypto derivatives and helped popularize perpetual swaps with leverage of up to 100 times.

The closure comes days after the Celsius bankruptcy estate sued five BitMEX-linked companies, alleging fraud, market manipulation and wrongful liquidations tied to 6,360 Bitcoin during the March 2020 market crash. The estate is seeking Bitcoin worth nearly $490 million at the time the lawsuit was reported.