BitMEX has announced it will cease operations on September 23 and has stopped accepting new user registrations. The platform stated that the decision to shut down stemmed from a strategic review of its business and the broader crypto industry.
The trade will be gradually reduced first.
BitMEX stated that trading will remain normal until August 26th. At that time, the platform will stop opening new positions and only allow users to reduce their positions.
The platform will then process open positions in order. Positions that remain open by the deadline will be automatically closed.
Users need to process their balance as soon as possible.
BitMEX reminds users to close their positions and withdraw funds before the deadline. Users can still log in and withdraw their funds even after the platform closes.
However, if the funds remain in the account for an extended period, the platform will charge a monthly account fee.
Once a representative platform of perpetual contracts
Founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX initially introduced perpetual swaps, a type of product that later became an important form of the crypto derivatives market.
BitMEX also stated that the platform has not lost user funds due to hacking attacks in over 11 years. The company also mentioned that it has a more complex later history.
