BitMEX Ends Crypto Trading but Keeps Withdrawals Open After Closure
(9 days ago) · 1 source · Summarized by CryptoBipto — how we make this
BitMEX, a cryptocurrency derivatives exchange, has ceased all trading operations. The platform has stated that withdrawals will remain available for users to retrieve their funds after the closure.
WHY IT MATTERS
When a crypto exchange shuts down trading, it means users can no longer buy or sell assets on that platform. Think of it like a stock brokerage closing its doors — you cannot make new trades, but you still need a way to get your money out. That is why BitMEX says it is keeping withdrawals open. For anyone new to crypto, this is a reminder of an important principle: leaving funds on an exchange means trusting that company to safeguard them. The phrase "not your keys, not your coins" is commonly used in crypto to express the idea that if you do not hold your own private keys (essentially the password that controls your crypto), you are relying on a third party. Exchange closures, whether planned or unexpected, illustrate why many in the crypto community recommend self-custody — storing your crypto in a personal wallet you control.
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