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BitMEX Stops Trading and Deposits After 11 Years, Only Withdrawals Remain

Cryptocurrency derivatives platform BitMEX has ceased trading, deposits, and the opening of new positions, retaining only the withdrawal function. The platform announced on social media platform X that these services will no longer be available starting Tuesday at 04:00 UTC. Users can still log in and withdraw their balances through the official website, but deposits are confirmed to be unavailable. BitMEX was co-founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, and is known for popularizing perpetual contracts as a mainstream trading tool in the cryptocurrency derivatives market. BitMEX urges customers to withdraw their funds as soon as possible and states that account fees will be charged to users with completed KYC verification who still have a balance, billed monthly at an annualized rate of 1% of the assets or a minimum of $50 equivalent, whichever is higher. The company emphasizes that this shutdown does not freeze customer assets, and the withdrawal channel remains open during the liquidation process. BitMEX announced its closure in July this year after its parent company, HDR Global Trading, conducted a strategic review, as the exchange's market share in the perpetual contract market it helped create has been declining. According to research data from CoinDesk, the monthly trading volume of centralized cryptocurrency exchange derivatives reached $3.4 trillion in August, with an annual scale potentially reaching $50 trillion. Previously, BitMart also announced its shutdown in July after nine years of operation due to market conditions.

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