BitMEX shut down all exchange operations on Wednesday, more than 11 years after launching, while still letting users withdraw remaining balances through its website. The closure follows a lawsuit from the Celsius bankruptcy estate targeting BitMEX-linked entities over the 2020 market crash.
BitMEX ended all exchange operations at 4:00 UTC on Wednesday, two months after the crypto derivatives exchange announced plans to shut down. Trading and deposits are no longer available, but the platform kept withdrawals open so users can pull remaining balances.
Users can still log in and withdraw funds through BitMEX's website, the exchange said in an X post on Wednesday. As part of the phaseout, BitMEX will disable API withdrawals on Sept. 28, after which users must process withdrawals through the web platform instead.
BitMEX said users' funds remain secure and urged customers to withdraw their remaining balances. The company reiterated that owner and operator HDR Global Trading Limited decided to close the exchange after a strategic review of the business and the broader crypto industry, adding that the closure was not linked to legal or regulatory issues.
BitMEX first announced the closure on July 23, when it said it would cease exchange services on Sept. 23 after more than 11 years of operations. Launched in 2014, the platform 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.
Source: Cointelegraph.com News
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