BitMEX Ends Exchange Operations After Two‑Month Wind‑Down

BitMEX officially ceased all exchange activities at 04:00 UTC on Wednesday, concluding a wind‑down that began in July. While trading, deposits, and new position openings are no longer possible, the platform still allows verified users to log in and withdraw funds.

Withdrawal Deadline and New Fees

Users are encouraged to move any remaining balances promptly. Those who have completed KYC checks will incur a monthly account fee equal to 1 % per year or $50 (whichever is greater), with the fee set to increase over time.

Security Measures and Scam Warning

BitMEX is rolling out additional security steps, including periodic KYC refreshes and cooldown periods. The exchange warned users about phishing attempts that claim to expedite withdrawals.

Background of the Platform

Founded in 2014, BitMEX introduced the crypto perpetual swap—a futures‑style contract with no expiry that offered up to 100× leverage. The exchange claimed the product was its most traded offering and reported no loss of user funds to hacking.

In 2024, BitMEX pleaded guilty to violations of the U.S. Bank Secrecy Act and paid $100 million in penalties. In March 2025, the co‑founders received presidential pardons.

Future Outlook

With the closure complete, BitMEX users must withdraw their assets or face ongoing fees. The platform’s exit marks the end of a service that shaped much of the crypto derivatives market.