BitMEX Shuts Down: Leverage Pioneers Stop Trading

BitMEX, a pioneering cryptocurrency exchange known for its high-leverage perpetual swaps, has officially ceased operations. The exchange announced in July that it would be shutting down and began winding down services over two months ago. As of Wednesday at 04:00 UTC, all trading and deposit activities have come to an end.

Although BitMEX is no longer accepting new deposits or allowing users to open new positions, verified customers can still log in and withdraw their funds. However, the exchange has warned that any users who leave their balances behind will be charged a monthly fee of 1% of the remaining balance, or $50, whichever is greater.

This fee will increase over time, according to BitMEX. The company has also rolled out new security measures, including KYC refreshes and cooldown periods, in stages.

BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, who invented the perpetual swap, a futures contract with no expiry date that offered up to 100x leverage. However, the exchange's later history has been marred by controversy, including a guilty plea in 2024 to Bank Secrecy Act violations and a $100 million penalty.