BitMEX Ends Operations, Concluding a Notable Chapter in Crypto History
- BitMEX officially ceased all exchange operations at 04:00 UTC on Wednesday, following a two-month wind-down period.
- The platform, known for inventing the crypto perpetual swap, has halted trading and deposits but allows withdrawals.
- Verified users with remaining balances will incur a fee of either $50 or an annual rate of 1%, charged monthly and increasing over time.
- In July, HDR Global Trading attributed the closure to a strategic review of its business and industry conditions.
- Co-founders Arthur Hayes, Ben Delo, and Samuel Reed were pardoned by President Donald Trump in March after pleading guilty to Bank Secrecy Act violations in the previous year.
BitMEX’s closure marks the end of an era for a pioneering platform that introduced high-leverage trading products like the perpetual swap to the crypto market. Despite its innovative contributions, regulatory challenges led to significant legal repercussions for its founders. The exchange’s shutdown reflects broader strategic shifts within the industry as it continues to evolve.
