THE BLOCK: BitMEX closes crypto exchange after 11 years; withdrawals still open

BitMEX has officially ceased exchange operations after 11 years, while keeping withdrawals open for remaining customer funds. The shutdown removes a long-standing derivatives venue and may shift liquidity and open interest toward competing exchanges, with near-term implications for market microstructure (spreads, funding, and leverage access). The event also keeps attention on counterparty and operational risk management across centralized platforms.