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BitMEX ends trading, disables API withdrawals while keeping web exits open

BitMEX stopped all exchange operations at 4:00 UTC Wednesday and said it will disable API withdrawals on Sept. 28, directing users to withdraw via its website.

Reported · Written up by our desk · Market Structure

BitMEX has ended all exchange operations after more than 11 years, cutting off trading and deposits while keeping withdrawals available for users. According to Cointelegraph, the platform stopped exchange activity at 4:00 UTC on Wednesday, but users can still log in and withdraw remaining balances through the BitMEX website.

As part of a gradual phaseout, BitMEX will disable application programming interface withdrawals on Sept. 28, requiring customers to process withdrawals through the web platform instead. Cointelegraph reported that BitMEX said its owner and operator, HDR Global Trading Limited, determined to close the exchange after a strategic review and that the shutdown was not linked to legal or regulatory issues.

Cointelegraph also noted that BitMEX originally announced the closure on July 23, saying it would cease exchange services on Sept. 23. The platform, launched in 2014, became a major venue for crypto derivatives and helped popularize perpetual swaps that supported leverage of up to 100 times.

The shutdown 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. Cointelegraph said the estate is seeking Bitcoin worth nearly $490 million, based on the value at the time the lawsuit was reported.

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