BitMEX Ends 11-Year Run as Exchange Operations Wind Down

The shutdown follows a failed effort by owner HDR Global Trading Limited to secure a buyer for the exchange at a reported $1 billion valuation. After two years of unsuccessful negotiations, the company opted for a controlled liquidation of its services, which included a phased delisting of assets and the cessation of new account registrations in July. Any positions remaining open at the time of the cutoff are subject to automatic closure at the exchange's established settlement prices.

While trading has ceased, the platform remains accessible for a limited period to facilitate user withdrawals. However, the process now comes with new hurdles: verified accounts holding funds will face a monthly fee of $50 or 1% of the balance, whichever is higher. Furthermore, API-based withdrawal support is set to expire on September 28, leaving the company's website as the sole channel for reclaiming assets. The firm has cautioned users against phishing attempts, emphasizing that it does not offer priority withdrawal services.

Beyond the operational closure, the company faces ongoing legal challenges in the United States. The bankruptcy estate of Celsius recently filed a lawsuit seeking the return of over 6,300 Bitcoin, alleging that BitMEX’s liquidation procedures were designed to defraud users during the 2020 market crash. While the exchange has maintained that its customer assets are fully backed and denies any wrongdoing, these legal proceedings continue to shadow the final days of the platform's existence.