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BitMEX is currently back online after suffering an outage on its trading engine. Engineers are currently investigating the issue. The reason for the outage is currently unknown.
The exchange made an official announcement about the ongoing problem earlier today.
BitMEX has been struggling to recoup the loss of users it has been experiencing since March. Although once dominant for Futures contracts are literally agreements to buy or sell an asset on a future date and for a fixed price.... More, it’s since been replaced by Binance and Huobi. The exchange still remains among the top five in trading volume, however.
The outage had fueled speculations that it may be more than a mere trading issue. Just yesterday, BeInCrypto reported that BitMEX was being sued for alleged money laundering. The accusations include wire fraud and price manipulations.
The exchange’s margin trading practices have been widely blamed for the crash of March 12 — which saw the cryptocurrency market plunge some -50 percent. It was only after BitMEX went offline that the crash ceased, critics argue.
BitMEX has always been in uncertain territory when it comes to U.S. regulations. However, since it is not based in the United States, it has been able to avoid the ire of regulators thus far.
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