BitMEX ends crypto exchange operations after more than 11 years

BitMEX ended all exchange operations at 4:00 am UTC on Wednesday after more than 11 years. The platform no longer allows trading or deposits. Users can still log in and withdraw remaining balances through the website. BitMEX said user funds remain secure and urged customers to withdraw their balances. BitMEX owner and operator HDR Global Trading Limited decided to close the exchange after a strategic review of the business and broader crypto industry. BitMEX said the closure was not linked to legal or regulatory issues. BitMEX will disable API withdrawals on Sept. 28. Users will then need to process withdrawals through the web platform. BitMEX announced the closure on July 23 and said exchange services would cease on Sept. 23. The platform launched in 2014 and helped popularize perpetual swaps with leverage of up to 100 times. The Celsius bankruptcy estate sued five BitMEX-linked companies days before the closure. The estate alleged 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.