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XRP BitMEX accelerates transaction settlement in preparation for platform closure
Cryptocurrency exchange BitMEX plans to prematurely terminate trading in XRP, ADA, ETH and XBT (Bitcoin) futures contracts in preparation for the full closure of the platform on September 23. The move moved forward the closure of some trading options to August 10, nearly three weeks earlier than originally scheduled.
Why are you in such a hurry?
BitMEX's accelerated removal arrangements are closely related to its final shutdown on September 23. The exchange has made arrangements to settle the contract fairly by using an adjusted index based on the time-weighted average price on August 6. Users need to close positions before the new lift-off date, otherwise they will be automatically settled at the specified interest rate.
What preparations should users make?
Starting from August 26, BitMEX will enter a mode that allows only closing positions and prohibits any new trading activity. The exchange will be permanently closed on September 23 and any remaining balance in user accounts will incur custody fees.
BitMEX, a pioneer exchange, once had high trading volume thanks to innovative financial products, but regulatory review and increasing competition have affected its market position.
BitMEX will remove futures contracts for XRP, ADA, ETH and XBT three weeks before the final closure, and settlement will be based on a time-weighted average price determined on August 6.
With new algorithms such as Time-Weighted Average Price (TWAP), traders can reduce the impact of fluctuations and ensure balanced settlement despite market fluctuations. TWAP is a noteworthy method to achieve a smoother transition during the gradual downsizing of BitMEX operations.
- Closing Date: September 23
- Release Date: August 10
- Final Index Interest Rate: Based on August 6 price
- Liquid-only Mode: Starting from August 26
- Custody Fee: Applicable to the remaining balance after the closure.
The early removal and final closure of BitMEX marks the end of the era of this pioneer cryptocurrency derivatives exchange and also highlights competitive and regulatory dilemmas in the cryptocurrency trading space.
