BitMEX ends exchange operations after two-month wind-down

BitMEX ended all exchange operations at 04:00 UTC Wednesday after a two-month wind-down. Trading is no longer available. Deposits are no longer credited. Users cannot open new positions. Users can still log in and withdraw funds. BitMEX said user funds remain safe. BitMEX warned users not to send funds to its addresses. KYC-verified users face an account fee of 1% a year or $50 equivalent, whichever is greater. BitMEX charges the fee monthly. BitMEX said the fee will rise over time. BitMEX is introducing security measures in stages. These measures include KYC refreshes and cooldown periods. BitMEX warned about phishing scams that promise faster withdrawals. HDR Global Trading attributed the closure to a strategic review of the business and the broader industry. BitMEX halted new sign-ups immediately. BitMEX barred new positions from Aug. 26. BitMEX began force-closing open trades. BitMEX was founded in 2014. BitMEX invented the perpetual swap. The perpetual swap is a futures contract with no expiry date. The contract offered up to 100x leverage. BitMEX calls the perpetual swap crypto's most traded product. BitMEX says it never lost user funds to a hack. BitMEX pleaded guilty in 2024 to Bank Secrecy Act violations. BitMEX paid $100 million in penalties. President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed in March 2025. Delo gave Nigel Farage's Reform UK £8 million this year, according to Electoral Commission records.