BitMEX halts trading, keeps withdrawals open

BitMEX ended trading and deposits at 04:00 UTC on Wednesday and kept its website available so customers can log in and withdraw remaining balances. API withdrawals will be disabled on Sept. 28, after which users must process withdrawals through the web interface.

The exchange’s owner and operator, HDR Global Trading Limited, said the closure followed a strategic review of the business and the broader crypto industry and is not linked to legal or regulatory proceedings. In a post on X, the company wrote that “users’ funds remain secure” and urged customers to withdraw any remaining balances.

Launched in 2014, BitMEX grew into a major venue for crypto derivatives and helped popularize perpetual swap contracts with leverage up to 100 times. The BitMEX closure was announced on July 23, with exchange activity ending at the specified hour after more than 11 years of operation.

Days before the shutdown, the bankruptcy estate of Celsius Network filed a lawsuit naming five companies tied to BitMEX, alleging fraud, market manipulation and wrongful liquidations connected to 6,360 Bitcoin during the March 2020 market crash. The estate is seeking roughly $490 million worth of Bitcoin based on values reported at the time of the suit.

BitMEX advised users who rely on automated withdrawal tools to move funds through the website after the API cutoff and said it will post updates on the withdrawal process. The company did not provide a timetable for fully winding down web access or for how long withdrawals will remain available.