BitMEX has officially ended all exchange operations, marking the close of the platform that introduced the perpetual swap to the cryptocurrency market. The company stated on X that trading, deposits, and new positions ceased at 04:00 UTC on Wednesday, capping a two-month wind-down process. While users can no longer trade or deposit funds, they can still log in to withdraw their balances.
The exchange urged customers to act quickly, warning that lingering accounts would incur fees. BitMEX wrote that funds remain safe but noted that deposits are no longer credited and that users should not send money to BitMEX addresses. For users who completed Know Your Customer identity checks, the company is imposing an annual account fee of 1% or the equivalent of $50, whichever is greater. This fee is charged monthly and, according to BitMEX, will increase over time.
Security measures are being implemented in stages, including KYC refreshes and cooldown periods. The company also warned users to be cautious of phishing scams that promise faster withdrawals. In July, BitMEX owner HDR Global Trading attributed the closure to a strategic review of the business and the broader industry. The exchange halted new sign-ups immediately after that announcement, barred new positions from August 26, and began force-closing open trades.
Founded in 2014, BitMEX created the perpetual swap, a futures contract with no expiry date that offered leverage up to 100x. The company describes this instrument as crypto's most traded product and states that it never lost user funds to a hack. However, the platform's later history included significant legal challenges. In 2024, BitMEX pleaded guilty to Bank Secrecy Act violations and paid $100 million in penalties.
The legal situation for the founders shifted in March 2025 when President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo, and Samuel Reed. Since then, Delo has entered British politics. Electoral Commission records show that Delo gave £8 million this year to Nigel Farage's Reform UK party. As the platform closes, BitMEX thanked its users for trading on its platform, calling the experience an honour.