Crypto Exchange That Invented 100x Leverage Is No More: Here’s What BitMEX Users Need to Know
BitMEX has ceased exchange operations, ending trading and deposits at 04:00 UTC Wednesday after a two-month wind-down while keeping withdrawals available. The platform is urging users to withdraw funds and warns that verified accounts left open will incur a recurring fee and additional security procedures are being implemented.
Why It Matters
BitMEX created the perpetual swap — a highly influential crypto derivatives product offering up to 100x leverage — so its closure removes a long-standing venue for leveraged crypto trading. The shutdown follows a turbulent period including a 2024 guilty plea and a major penalty, and has implications for users who still hold funds on the platform.
Key Facts
- Closure time: 04:00 UTC Wednesday
- Operations ended: Trading and deposits closed; withdrawals remain available
- Account fee for verified users leaving balances: 1% per year or $50 equivalent, whichever is greater; charged monthly and set to rise over time
- Owner statement: HDR Global Trading cited a strategic review of the business and industry (announced in July)
- Product pioneered: Perpetual swap (no expiry futures), offering up to 100x leverage
BitMEX has completed a wind-down and stopped exchange operations as of 04:00 UTC Wednesday, the company said on X. The platform has disabled trading, deposits and the opening of new positions, but users can still sign in and withdraw remaining balances. BitMEX told customers their funds are "completely safe" and urged immediate withdrawals while warning that deposits will no longer be credited and that users should not send funds to BitMEX addresses.
Accounts that passed KYC checks and leave funds on the platform will now incur a fee of 1% per year or $50 equivalent, whichever is higher; that charge will be billed monthly and BitMEX said it will increase over time. The company is rolling out additional security measures in stages, including KYC refreshes and cooldown periods for withdrawals, and cautioned customers about phishing scams that promise accelerated withdrawals.
The closure follows an announcement in July from owner HDR Global Trading that the business was undergoing a strategic review. In the weeks since, BitMEX stopped new sign-ups immediately, barred new positions from Aug. 26 and began force-closing open trades as part of the wind-down process. The exchange also posted a farewell message thanking users for trading on the platform.
BitMEX, founded in 2014, is credited with inventing the perpetual swap — a futures contract without an expiry date — and offered up to 100x leverage on that product. Its recent history included a 2024 guilty plea to Bank Secrecy Act violations and a $100 million penalty; in March 2025, President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed. According to the source, co-founder Ben Delo has since made a large political donation to Reform UK earlier this year.