On September 23 at 4:00 UTC, BitMEX ceased all exchange operations after more than 11 years in business. Trading and deposits have been halted, but users can still log in to the website and withdraw remaining funds. The closure was announced on July 23, with a target service end date of September 23.

API withdrawals to be disabled on September 28

As part of the phased shutdown, BitMEX will disable API withdrawals on September 28. After this date, withdrawal requests will only be processed through the web interface.

Closure follows HDR Global's strategic review

The company stated that user funds remain secure and urged clients to withdraw any remaining balances. The owner and operator of the exchange, HDR Global Trading Limited, made the decision to close following a strategic review of its business and the state of the industry. The company emphasized that the closure is not related to legal or regulatory issues.

Platform launched in 2014 and its role in the derivatives market

Launched in 2014, the platform became one of the key venues for crypto derivatives and helped popularize perpetual swaps with leverage up to 100x.

Celsius lawsuit amid closure

A few days before the shutdown, the Celsius bankruptcy estate filed a lawsuit against five companies associated with BitMEX, accusing them of fraud, market manipulation, and improper liquidations related to 6,360 BTC during the March 2020 market crash. The lawsuit seeks the return of bitcoin valued at nearly $490 million at the time of filing.