Crypto Exchange That Invented 100x Leverage Is No More: Here’s What BitMEX Users Need to Know

By Decrypt Staff

The exchange that gave crypto the perpetual swap has officially closed its doors.

BitMEX ended all exchange operations at 04:00 UTC Wednesday, the company said on X, capping a two-month wind-down. Trading, deposits and new positions are gone, though users can still log in and withdraw.

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"Your funds remain completely safe," BitMEX wrote, urging customers to withdraw remaining balances as soon as possible. Deposits are no longer credited, and users shouldn't send funds to BitMEX addresses.

Lingering will cost them. Users who completed KYC identity checks now face an account fee of 1% a year or $50 equivalent, whichever is greater, charged monthly. BitMEX has said that fee will rise over time. Security measures, including KYC refreshes and cooldown periods, are rolling out in stages, and the company has warned of phishing scams promising faster withdrawals.

In July, owner HDR Global Trading pinned the closure on a strategic review of the business and the broader industry. BitMEX halted new sign-ups immediately, barred new positions from Aug. 26 and began force-closing open trades.

Founded in 2014, BitMEX invented the perpetual swap, or perp, a futures contract with no expiry date that offered up to 100x leverage. BitMEX calls it crypto's most traded product and says it never lost user funds to a hack.

Its later history was rockier. BitMEX pleaded guilty in 2024 to Bank Secrecy Act violations and paid $100 million in penalties. In March 2025, President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed.

Delo has since turned to British politics, giving Nigel Farage's Reform UK £8 million this year, according to Electoral Commission records.

"Thank you to everyone who traded with us. It's been an honour," BitMEX wrote.

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