BitMEX ends crypto trading, keeps withdrawals open after closure
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
BitMEX has ceased all trading and deposit operations as of 4:00 UTC on Wednesday, two months after announcing its shutdown. The crypto derivatives exchange, operated by HDR Global Trading Limited, continues to allow users to log in and withdraw their funds, though API withdrawals will be disabled on Sept. 28, requiring web-based processing. The closure followed a strategic business review and was not related to legal or regulatory issues.
Why it matters
The closure of BitMEX ends over 11 years of operations for a major crypto derivatives platform known for popularizing high-leverage perpetual swaps. While the source does not explicitly state the broader market impact, the shutdown of a significant exchange may influence crypto derivatives trading dynamics. It occurred shortly after the Celsius bankruptcy estate filed a lawsuit against BitMEX-linked companies alleging fraud and market manipulation.
Key context
BitMEX launched in 2014 and became a prominent venue for leveraged crypto derivatives trading, allowing leverage of up to 100 times. The shutdown was first announced on July 23 with a planned cessation date of Sept. 23. The recent Celsius estate lawsuit alleges wrongful liquidations connected to BitMEX during the March 2020 market crash.
Key numbers and entities
Key entities are BitMEX, its operator HDR Global Trading Limited, and the Celsius bankruptcy estate. Notable figures include the leverage offered by BitMEX (up to 100x), the amount of Bitcoin involved in the Celsius lawsuit (6,360 BTC), and the approximate value sought in the lawsuit (nearly $490 million at the time of reporting). The API withdrawal disable date is Sept. 28.
What remains unclear
The article does not detail the future plans for BitMEX’s technology or employees, nor does it elaborate on how the closure may affect its existing user base long term. It also does not discuss specific market reactions or wider industry implications beyond the lawsuit context.