The platform BitMEX definitively ended the operations of its cryptocurrency exchange on Wednesday (23), interrupting trading, deposits, and the opening of new positions after more than 11 years of activity. The platform will remain available in a limited way so that customers can check their accounts and withdraw remaining assets.
The shutdown occurred at 04:00 UTC, according to the schedule released by the company in July. All positions that still remained open at the cutoff time were closed by the system, with the resulting amounts transferred to the balance of the respective wallets.
The decision had been announced on July 23 by HDR Global Trading, owner and operator of BitMEX. According to the company, the shutdown was decided after a strategic review of the business and the crypto market and is not related to financial difficulties, hacker attacks, or immediate regulatory pressure.
Founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX became one of the leading cryptocurrency derivatives platforms in the early years of the sector. The exchange played a central role in popularizing perpetual contracts, an instrument that later spread among the largest digital asset trading platforms.
Withdrawals remain available after the shutdown
Customers who still hold funds on the platform can log in and request withdrawals. BitMEX says that funds remain available and recommends that users withdraw their remaining balances as soon as possible. Zero-balance accounts are being processed for automatic closure.
The withdrawal process will also be reduced as of September 28. API withdrawals, including institutional integrations such as Fireblocks and Copper, will stop working. USDT, USDC, and ETH will also lose the ability to be withdrawn via multiple networks and will be made available only through the Ethereum network.
Accounts that still have a balance after the shutdown are subject to maintenance fees during the liquidation process of the operation. The company also recommends that customers download their trading and transaction histories before the final closure of accounts.
Despite BitMEX's historical importance in the crypto derivatives market, its weight had decreased significantly. Data from Kaiko cited by Reuters in July indicated a share of less than 0.01% in the market analyzed, leading the research firm to assess that the shutdown would have limited impact on the overall structure of cryptocurrency trading.
