BitMEX Ceases Operations After Over a Decade in Crypto Trading
- As of April 4, trading, deposits, and new positions are no longer available on BitMEX.
- Users can withdraw their balances but cannot make deposits.
- Monthly fees now apply to KYC-verified users who leave funds on the platform, with charges based on an annualized rate of 1% or a minimum of $50.
- Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, BitMEX was pivotal in establishing perpetual swap contracts.
- The exchange’s closure marks the end of its eleven-year history in the crypto derivatives market.
The shutdown signifies a major shift in the cryptocurrency landscape as BitMEX played a crucial role in popularizing perpetual futures trading instruments. Despite ceasing operations, the platform assures that withdrawals will remain accessible during this transition.
With its closure, BitMEX concludes an era that significantly influenced crypto trading practices over the past eleven years while implementing withdrawal options for users to secure their assets.(Source)
