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      BitMEX Ceases Operations After 11 Years Amid Legal Challenges

      BitMEX, a prominent cryptocurrency exchange known for pioneering perpetual swap contracts, has officially shut down after 11 years of operation. The closure, announced by HDR Global Trading, BitMEX's parent company, follows a significant decline in trading volume, which plummeted from 57% of all crypto derivatives to just 0.08% at the time of its closure. While the exchange will no longer accept trades or deposits, users can still withdraw their funds until September 28, 2026.

      The shutdown comes shortly after a $495 million lawsuit was filed against BitMEX by the bankruptcy estate of Celsius, a collapsed crypto lending platform. The lawsuit alleges that BitMEX wrongfully liquidated Bitcoin during the market crash in March 2020, claiming that the exchange seized 6,360 BTC from Celsius and another fund. Although BitMEX has attributed its closure to a strategic review of its business, the lawsuit raises questions about the legal implications for the exchange's founders.

      In the wake of BitMEX's exit, many traders have migrated to other platforms, including offshore exchanges such as Binance, OKX, and Bybit, which collectively account for over 60% of crypto derivatives volume outside the United States. Additionally, decentralized platforms like Hyperliquid and dYdX are gaining traction, offering traders the ability to maintain control of their assets directly from their wallets. For U.S.-based traders, alternatives include the CME Group and Coinbase Derivatives, which provide regulated trading options.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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