BitMEX ended all exchange operations at 04:00 UTC Wednesday, completing a wind-down announced in July. The exchange, which invented the perpetual swap contract, has closed trading and deposits, though users retain the ability to withdraw remaining balances.
BitMEX stated that user funds remain completely safe and urged customers to withdraw as soon as possible. The platform will no longer accept new deposits, and users should not send funds to BitMEX addresses.
Storage Fees for Remaining Balances
Verified users who leave funds on the platform face an account maintenance fee of 1% annually or $50 equivalent, whichever is greater, charged monthly. BitMEX has indicated this fee will increase over time.
The company is rolling out security measures in stages, including KYC refreshes and cooldown periods. BitMEX has warned users about phishing scams falsely promising faster withdrawal processing.
BitMEX's History and Recent Developments
Founded in 2014, BitMEX introduced the perpetual swap—a futures contract with no expiration date that allowed up to 100x leverage. The exchange claims it never lost user funds to a security breach.
Owner HDR Global Trading attributed the closure to a strategic review of the business and broader industry conditions. The exchange halted new sign-ups in July, barred new positions from August 26, and began force-closing open trades.
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.
