Crypto Exchange That Invented 100x Leverage Is No More: Here’s What BitMEX Users Need to Know
BitMEX has shut down all exchange operations after a two-month wind-down, ending trading, deposits, and new positions while still allowing users to log in and withdraw funds. It urged customers to remove remaining balances and warned that deposits are no longer credited. Users who completed KYC checks now face an account fee of 1% a year or $50, charged monthly, with the fee expected to rise over time. BitMEX also introduced staged security measures and warned about phishing scams. The closure follows a strategic review by owner HDR Global Trading. BitMEX stopped new sign-ups, barred new positions in late August, and began force-closing open trades. Founded in 2014, it created the perpetual swap and became known for high-leverage crypto trading. Its later years included a 2024 guilty plea for Bank Secrecy Act violations and a $100 million penalty, followed by pardons of its co-founders in 2025.
