BitMEX ends crypto trading after 11 years, keeps withdrawals open
In brief
- BitMEX ended all exchange operations Wednesday after 11+ years in derivatives
- Trading and deposits halted; web-based withdrawals remain available for users
- API withdrawals disabled September 28; users must withdraw via website
Closure Timeline and Withdrawal Process
BitMEX originally announced the closure on July 23, saying it would cease exchange services on September 23. The platform has now completed that transition. The platform will disable API withdrawals on September 28, requiring users to process all remaining withdrawals through the web interface.
BitMEX said users' funds remain secure and urged customers to withdraw their remaining balances.
History and Strategic Rationale
The platform, launched in 2014, became a major venue for crypto derivatives and helped popularize perpetual swaps with leverage of up to 100 times. For years it dominated the leveraged trading space, attracting both retail and institutional traders seeking exposure to price moves with amplified capital.
HDR Global Trading Limited, the owner and operator of BitMEX, decided to close the exchange after a strategic review of the business and broader crypto industry. The company emphasized that the closure was not linked to legal or regulatory issues.
Litigation Context
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. BitMEX's statement that the shutdown is unrelated to regulatory or legal action suggests the company is proceeding with its planned exit independent of the bankruptcy litigation.
