Crypto Exchange That Invented 100x Leverage Is No More: Here’s What BitMEX Users Need to Know

Briefly

BitMEX formally ended change operations Wednesday, closing out a wind-down introduced in July. Buying and selling and deposits are off, however withdrawals stay open.
Verified customers who go away balances behind now pay 1% a 12 months or $50, whichever is bigger, charged month-to-month and set to rise over time.
The change invented the crypto perpetual swap however confronted a 2024 responsible plea. Its co-founders had been pardoned by President Donald Trump in 2025.

The change that gave crypto the perpetual swap has formally closed its doorways.

BitMEX ended all exchange operations at 04:00 UTC Wednesday, the corporate said on X, capping a two-month wind-down. Buying and selling, deposits and new positions are gone, although customers can nonetheless log in and withdraw.

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“Your funds stay utterly protected,” BitMEX wrote, urging prospects to withdraw remaining balances as quickly as potential. Deposits are now not credited, and customers should not ship funds to BitMEX addresses.

Lingering will price them. Customers who accomplished KYC identification checks now face an account payment of 1% a 12 months or $50 equal, whichever is bigger, charged month-to-month. BitMEX has stated that payment will rise over time. Safety measures, together with KYC refreshes and cooldown intervals, are rolling out in phases, and the corporate has warned of phishing scams promising sooner withdrawals.

In July, proprietor HDR International Buying and selling pinned the closure on a strategic evaluate of the enterprise and the broader business. BitMEX halted new sign-ups instantly, barred new positions from Aug. 26 and commenced force-closing open trades.

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Based in 2014, BitMEX invented the perpetual swap, or perp, a futures contract with no expiry date that provided as much as 100x leverage. BitMEX calls it crypto’s most traded product and says it by no means misplaced consumer funds to a hack.

Its later historical past was rockier. BitMEX pleaded responsible in 2024 to Financial institution 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, based on Electoral Fee information.

“Thanks to everybody who traded with us. It has been an honour,” BitMEX wrote.