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BackBitMEX Exchange Officially Closes After Two-Month Wind-Down
BitMEX Exchange Officially Closes After Two-Month Wind-Down
BREAKING
Decrypt53 minutes agoBusiness1 min read

BitMEX Exchange Officially Closes After Two-Month Wind-Down

bitmexperpetual swapcrypto exchange

Quick Look

  • BitMEX ended all exchange operations at 04:00 UTC Wednesday, concluding a two-month wind-down.
  • Users can still withdraw funds but face new fees and security measures.
  • The exchange, which invented the perpetual swap, ceased trading and deposits while urging customers to withdraw remaining balances.

AI-generated summary

Why It Matters

BitMEX, founded in 2014, invented the perpetual swap and became a major crypto exchange. It pleaded guilty to Bank Secrecy Act violations in 2024 and paid $100 million in penalties. In March 2025, co-founders were pardoned by President Trump.

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The exchange that gave crypto the perpetual swap has officially closed its doors.

BitMEX ended all exchange operations at 04:00 UTC Wednesday, the company said on X, capping a two-month wind-down. Trading, deposits and new positions are gone, though users can still log in and withdraw.

"Your funds remain completely safe," BitMEX wrote, urging customers to withdraw remaining balances as soon as possible. Deposits are no longer credited, and users shouldn't send funds to BitMEX addresses.

Lingering will cost them. Users who completed KYC identity checks now face an account fee of 1% a year or $50 equivalent, whichever is greater, charged monthly. BitMEX has said that fee will rise over time. Security measures, including KYC refreshes and cooldown periods, are rolling out in stages, and the company has warned of phishing scams promising faster withdrawals.

In July, owner HDR Global Trading pinned the closure on a strategic review of the business and the broader industry. BitMEX halted new sign-ups immediately, barred new positions from Aug. 26 and began force-closing open trades.

Founded in 2014, BitMEX invented the perpetual swap, or perp, a futures contract with no expiry date that offered up to 100x leverage. BitMEX calls it crypto's most traded product and says it never lost user funds to a hack.

Its later history was rockier. BitMEX pleaded guilty in 2024 to Bank Secrecy Act violations and paid $100 million in penalties. In March 2025, President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed.

Delo has since turned to British politics, giving Nigel Farage's Reform UK £8 million this year, according to Electoral Commission records.

"Thank you to everyone who traded with us. It's been an honour," BitMEX wrote.

What to Watch

AI outlook — possibilities, not facts

  • BitMEX users will withdraw the majority of remaining funds within the next 30 days

    Likely · Within weeks

  • HDR Global Trading will not relaunch BitMEX as an exchange under the same brand

    Possible · Within months

Open Questions

  • What will happen to BitMEX's technology and intellectual property after closure?
  • Will HDR Global Trading launch a new exchange or pivot to other business ventures?
  • How will the closure affect overall crypto derivatives trading volume?
  • What specific security measures are being implemented during the wind-down period?

Related Topics

bitmex
PeopleArthur HayesBen DeloSamuel ReedNigel Farage
OrganizationsBitMEXHDR Global TradingReform UK
PlacesUnited StatesUnited Kingdom
Topicsperpetual swapcrypto exchangekycwithdrawalhdr global tradingarthur hayes
This article was originally published by Decrypt.

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