BitMEX Halts Trading but Leaves Withdrawal Access Open for Users
BitMEX stopped all trading and deposits on Wednesday. Users must log in via web to withdraw funds before API access ends.
Key points
- BitMEX ended all trading and deposit operations at 4:00 UTC on Wednesday.
- API withdrawals will be disabled on September 28, forcing users to use the web interface.
- The Celsius bankruptcy estate sued BitMEX-linked entities over 6,360 Bitcoin in a recent legal action.
BitMEX halted all trading and deposit operations at 4:00 UTC on Wednesday. The platform remains active for withdrawals as it completes its final phaseout.
The closure follows an 11-year operational history that began in 2014. The exchange helped popularize perpetual swaps with leverage up to 100 times.
Withdrawal Access Remains Open
Users can still log in to withdraw remaining balances through the website. BitMEX states that customer funds remain secure during this transition period.
API withdrawals will be disabled on September 28. Users must process all remaining withdrawals through the web interface by that date.
Strategic Review Drives Closure
HDR Global Trading Limited decided to close the exchange after a strategic review. The company confirmed the decision is not linked to legal issues.
The platform announced its shutdown plans on July 23. This move ends more than a decade of crypto derivatives trading.
Legal Disputes Loom Nearby
The Celsius bankruptcy estate sued five BitMEX-linked companies recently. They allege fraud and market manipulation tied to 6,360 Bitcoin.
The estate seeks compensation worth nearly $490 million at the time of reporting. Cointelegraph reported that these legal challenges complicate the exchange's final transition.
