BitMEX ends trading after 11 years, API withdrawals close Sept. 28

BitMEX stopped all trading at 4:00 UTC on Wednesday, ending more than 11 years of operations. The shutdown came roughly two months after the exchange first told users it was closing, on July 23.

For anyone with a balance still on the platform, the practical answer is straightforward: BitMEX's website still allows logins and withdrawals. That window is not unlimited. The exchange will disable application programming interface (API) withdrawals on Sept. 28, after which withdrawals must go through the web platform.

BitMEX confirmed the shutdown in an X post on the closure day and told users their funds remain secure, urging them to withdraw remaining balances.

The decision to close came from HDR Global Trading Limited, BitMEX's owner and operator, following what the company described as a strategic review of the business and the broader crypto industry. BitMEX said the closure was not linked to legal or regulatory issues.

That last claim lands awkwardly. Days before the shutdown, the Celsius bankruptcy estate sued five BitMEX-linked companies, alleging fraud, market manipulation and wrongful liquidations tied to 6,360 Bitcoin during the March 2020 market crash. The estate is seeking Bitcoin worth nearly $490 million. BitMEX's statement does not address the suit, and the closure is not in itself an admission in the case.

BitMEX launched in 2014 and became one of the first major venues for crypto derivatives. It helped popularize perpetual swaps with leverage of up to 100 times, a product that has since become standard across the industry. An 11-year run ending in a quiet shutdown is a marker of where derivatives trading has moved: newer venues with deeper liquidity and lighter regulatory overhang have steadily pulled volume away from the original names.

For anyone still holding a balance, the next five days are the only window to use automated withdrawal tools. After Sept. 28, the web platform is the only route out.