BitMEX has ceased trading operations and is charging fees on remaining user balances, requiring urgent fund withdrawals.
DeFi & Yields ·
BitMEX ceased all exchange operations at 04:00 UTC Wednesday, ending a wind-down process announced in July. Trading and new deposits are no longer available, though users retain access to withdraw their funds. The company has stated that user balances remain safe and urged customers to withdraw as soon as possible.
Verified users who maintain balances on the exchange now incur an annual account fee of 1% or $50 equivalent, whichever is greater, charged monthly. BitMEX indicated this fee will increase over time. The exchange, which pioneered the perpetual swap product with up to 100x leverage, faced regulatory scrutiny culminating in a 2024 guilty plea to Bank Secrecy Act violations and a $100 million penalty.
The platform's co-founders—Arthur Hayes, Ben Delo, and Samuel Reed—received presidential pardons in March 2025. BitMEX claims it never experienced a user fund loss from hacking during its operational history. The company has cautioned users about phishing schemes promising expedited withdrawals and is implementing security measures including KYC refreshes and cooldown periods in stages.