BitMEX Ends Operations After 11 Years, Clients Must Withdraw Funds

The cryptocurrency exchange BitMEX ceased operations on September 23 at 6:00 AM Polish time, shutting down spot trading and other services. All open positions were forcibly settled. Founded in 2014, BitMEX was a pioneer in trading derivative instruments, including perpetual swap contracts. In 2019, it accounted for 52% of the leveraged positions on Bitcoin. Over time, its position weakened due to competition from other exchanges and regulations in the U.S. In 2020, the CFTC charged BitMEX with operating an unregistered derivatives market. However, the cessation of operations does not mean that clients will lose access to their crypto assets. After logging into the platform, they can check their balance and request a withdrawal. From September 23, a fee of 1% per year or $50 will be charged on unpaid balances, whichever is higher. On September 28 at 6:00 AM Polish time, BitMEX will disable withdrawals via API and the option to choose the network for stablecoin withdrawals.

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