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Crypto

BitMEX former customers file class action lawsuit on closure announcement day over insider trading allegations

Two former BitMEX customers filed a class action lawsuit against the cryptocurrency exchange and three co-founders on the day it announced plans to close in September. A report by The Block said BKX Services and David Namdar alleged BitMEX ran a private insider trading desk and traded against clients using account information. They also alleged deliberate server stoppages during volatile periods to block access and trigger forced liquidations.

Crypto

BitMEX to wind down operations after 11 years; Zhao says \'sad\'

Cryptocurrency exchange BitMEX will cease operations on Sept. 23 local time. Operator HDR Global Trading decided to permanently close the exchange after reviewing its business strategy and broader crypto market conditions. New sign-ups have been halted, and limits on new positions will begin on Aug. 26. Unclosed positions will be liquidated at shutdown. BitMEX said it is not responsible for losses from failure to close positions by deadlines.

Crypto

BitMEX replaces CEO, CFO and growth chief at once, renewing talk of exchange sale

BitMEX has replaced its CEO, CFO and chief growth officer at the same time, drawing attention to the reasons behind the reshuffle. The changes were first confirmed through LinkedIn profile updates, with no official statement released. Peter Wilkinson, previously global chief legal officer and chief operating officer, was appointed CEO. Industry watchers link the move to possible sale or M&A preparations and to the exchange’s history of U.S. regulatory disputes.