BitMEX, a derivative trading platform and cryptocurrency exchange, found itself trending on Twitter in the United States earlier on May 19 due to the shutdown.
The exchange announced that the trading engine was down at 12:13 UTC earlier on May 19. After some investigation, BitMEX announced at 13:29 UTC that the platform was coming back online with cancel-only mode operating at first.
The cryptocurrency exchange noted that all funds were “safe” and that no liquidations occurred during the downtime. Trading then resumed at 13:40 UTC with withdrawals being processed at 14:00 UTC and 15:00 UTC.
“Due to the downtime, the period between 12:00 and 13:40 UTC is being excluded for funding rate calculations on perpetual swaps.”
Once the platform went live and operating at full capacity, BitMEX stated that a full postmortem would be carried out and released to the public in the next few days.
This outage of their trading engine is just the latest in a string of negative circumstances for the cryptocurrency exchange.
The lawsuit also says a full 15% of cryptocurrency trades on BitMEX in 2019 came from U.S.-based traders despite the fact the exchange does not have the appropriate license to allow such trading.
The exchange disputes the allegations, with a spokesperson stating:
“Having reviewed a draft version of their complaint, which is clearly rehashed from information culled from the internet, we confirm we will be defending ourselves vigorously against this spurious claim.”
The exchange was recently forced to restrict access to users in Japan due to increased cryptocurrency regulations enforced by the country’s Financial Services Agency (FSA).
At the start of this month, any new user would not be allowed to make any trades on the platform and older users would not be able to “open a new position or increase an existing open position” going forward.
However, not all is doom and gloom for BitMEX.
The exchange says that this product is the first of its kind in the marketplace.
BitMEX also added that the new product allows crypto traders “to long or short the ETH/USD exchange rate without ever touching either ETH or USD.”
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