Summary
- BitMEX has officially ceased all exchange operations as of Wednesday, concluding a closure process initiated in July. While trading and deposits are no longer available, users can still withdraw their funds.
- Users who have verified accounts and leave funds in their accounts will incur an annual fee of 1% or $50, whichever is higher, charged monthly, with plans for fee increases in the future.
- The exchange, known for creating the crypto perpetual swap, faced legal issues culminating in a guilty plea in 2024. Its co-founders received pardons from President Donald Trump in 2025.
The cryptocurrency exchange that pioneered the perpetual swap has officially closed its platform.
BitMEX terminated all exchange operations at 04:00 UTC on Wednesday, as confirmed by the company on X, marking the end of a two-month shutdown period. While trading, deposits, and new positions are no longer accessible, users can log in to withdraw their assets.
Myriad: Predict Bitcoin's Future Prices Click here to participate.BitMEX reassured users that "Your funds remain completely safe," urging them to withdraw any remaining balances promptly. No new deposits are being accepted, and users are advised against sending funds to BitMEX addresses.
For users who have completed KYC verification, leaving funds in their accounts will result in an annual fee of 1% or $50, whichever is greater, charged monthly. This fee is expected to increase over time. The exchange is also implementing new security measures, including periodic KYC updates and cooldown periods, while cautioning users about phishing scams that promise expedited withdrawals.
The shutdown was attributed by owner HDR Global Trading to a strategic review of the business and the wider industry, which began with a halt on new sign-ups, followed by a ban on new positions starting August 26, and the forced closure of open trades.
BitcoinBTC · USD$84,327+11%24H7D1M1YYTDSep 16Sep 18Sep 20Sep 21Sep 23$87.2k$83.3k$79.5k$75.6k24h HighHigh$87,25124h LowLow$83,654VolVol$2.0BMarket projectionsOdds by MyriadThis weekAbove $84,000Above $84k55% chanceThis monthAbove $84,000Above $84k55% chance→Buy Bitcoin with USDTPowered by Jupiter$50$100$500BuyPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →Established in 2014, BitMEX was the inventor of the perpetual swap, a futures contract without an expiration date that allowed for leverage up to 100x. The platform claimed this was the most traded product in crypto and stated it had never lost user funds due to a hack.
However, its later years were troubled. In 2024, BitMEX pleaded guilty to violations of the Bank Secrecy Act, resulting in a $100 million fine. In March 2025, President Donald Trump pardoned its co-founders, Arthur Hayes, Ben Delo, and Samuel Reed.
Since then, Delo has ventured into British politics, reportedly donating £8 million this year to Nigel Farage's Reform UK, according to records from the Electoral Commission.
BitMEX expressed gratitude to its users, stating, "Thank you to everyone who traded with us. It's been an honour."