BitMEX shuts down: perpetuals pioneer officially closes it doors after 11 years
The cryptocurrency exchange BitMEX has officially ceased operations after 11 years, ending its role as a pioneer in perpetual swap derivatives. Users are currently being urged to withdraw their remaining funds as the platform winds down its services.
Why it matters
BitMEX was a foundational player in the crypto derivatives market, and its closure marks a significant shift in the landscape of centralized crypto exchanges.
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.
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