BitMEX shuts down: perpetuals pioneer officially closes it doors after 11 years
- BitMEX has ended trading, deposits and new positions after an 11-year run, but customers can still log in and withdraw their balances.
- The exchange urged users to withdraw funds, warning that verified accounts with remaining balances will face a monthly fee based on an annualized 1% of assets or a $50 minimum, whichever is greater.
- BitMEX, which helped pioneer perpetual futures, announced its closure in July after a strategic review as it lost ground in the derivatives market it helped create.
BitMEX, the crypto derivatives platform that helped pioneer perpetual futures trading, marked the end of an era Wednesday, shutting down exchange operations except for withdrawals..
Trading, deposits and new positions are no longer available as of 04:00 UTC on Tuesday, BitMEX said in a statement on X. Users can still log in and withdraw their balances through the platform’s website, but the company said deposits are definitely no longer possible.
BitMEX, which was co-founded by Arthur Hayes, Ben Delo and Samuel Reed in 2014 urged its customers to withdraw funds and said account fees now apply to know-your-customer (KYC) verified users who leave balances on the exchange. The monthly charge is based on an annualized 1% of assets or a $50 equivalent minimum, whichever is greater.
The closure brings to an end the 11-year run of an exchange that helped establish the perpetual swap, now the dominant instrument in crypto derivatives markets. But BitMEX’s shutdown is not a freeze on customer assets, as the platform reiterated that withdrawals remain available as it winds down.