BitMEX officially concluded all trading platform activities at 4:00 UTC on Wednesday, following a prior notice issued two months earlier regarding its intention to wind down operations after a span of over 11 years.
The exchange has completely halted trading and deposits, though clients retain the ability to sign in and pull out their remaining funds via the official website, as stated by BitMEX in a Wednesday publication on X.
As a component of its step-by-step wind-down procedure, BitMEX will turn off application programming interface (API) withdrawal capabilities on September 28, mandating that clients execute all asset withdrawals directly through the browser portal.
BitMEX emphasized that client funds continue to be protected and strongly encouraged account holders to retrieve their leftover assets without delay. The firm reaffirmed that its parent company and administrator, HDR Global Trading Limited, opted to shutter the trading venue following a comprehensive evaluation of enterprise operations and the wider digital asset sector, noting specifically that the shutdown is entirely unrelated to any compliance or legal troubles.
BitMEX first revealed the shutdown plans on July 23, stating at the time that exchange features would terminate on September 23 after more than a decade of service. Established in 2014, the marketplace grew into a prominent hub for digital asset derivatives and played a key role in making leveraged perpetual swaps with up to 100x margin widely popular.
This winding down arrives only days after the legal estate representing the bankrupt lender Celsius filed a lawsuit against five corporate entities associated with BitMEX, accusing them of fraudulent actions, price manipulation, and improper liquidations connected to 6,360 Bitcoin during the market collapse of March 2020. The bankruptcy representatives are pursuing an amount of Bitcoin valued at roughly $490 million based on rates when the legal complaint was made public.
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Originally published at https://cointelegraph.com/news/bitmex-ends-crypto-trading-withdrawals-open?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
