BitMex and BitMart to cease operations as crypto market takes a bashing
Cryptocurrency exchange BitMex will shut down its trading platform on 23 September. The company has not given a specific reason for the closure, but said the decision was taken following a strategic evaluation of the business and the broader crypto market. Users have been advised to wind down open positions and withdraw their funds before that date.
New accounts can no longer be created with immediate effect. The exchange will continue to operate normally until 26 August. After that, risk limits will be introduced, meaning only existing positions can be reduced.
On 23 September the trading function will cease entirely. From that point on, customers will only be able to withdraw their cryptocurrencies and other funds. Users who leave their balance on the platform after that will pay a management fee of $50 per month or 1% of the remaining balance per year, depending on which amount is higher.
BitMex was founded in 2014 and grew into one of the better-known trading platforms for crypto derivatives. According to the company, more than 2 million users have an account. In recent years, however, the exchange has struggled with a declining market share.
On Sunday, BitMart also announced that, after nine years, it is pulling the plug on its trading platform. According to the exchange, the closure is the result of “operational circumstances, market conditions and future strategic direction”.
The announcement immediately affected its own cryptocurrency BMX, which lost almost 60% of its value. BitMart has immediately halted the registration of new users, deposits and new trading orders.
Emerce
Subscribers 0
Fans 0
Followers 0
Followers