Perp-Erated: BitMEX Logs Off After 11 Years, Leaves Users Holding the Withdrawal Button 🪦

BitMEX ended all exchange operations at 04:00 UTC on Wednesday, capping a two-month wind-down that began when owner HDR Global Trading Limited announced the closure on July 23 after more than 11 years in operation. Trading, deposits and new positions are disabled, though users can still log in and withdraw remaining balances through the platform's website, the company said in an X post. API withdrawals will be disabled on Sept. 28, requiring users to process withdrawals via the web platform.

"Your funds remain completely safe," BitMEX wrote, urging customers to withdraw remaining balances as soon as possible. Deposits are no longer credited and users should not send funds to BitMEX addresses, the exchange said. Users who completed KYC identity checks now face an account fee of 1% a year or $50 equivalent, whichever is greater, charged monthly, with BitMEX warning the fee will rise over time. Security measures including KYC refreshes, cooldown periods and warnings about phishing scams promising faster withdrawals are rolling out in stages.

Founded in 2014, BitMEX popularized the perpetual swap, a futures contract with no expiry date that offered leverage of up to 100x. BitMEX has called perps crypto's most traded product and said it never lost user funds to a hack. "Thank you to everyone who traded with us. It's been an honour," BitMEX wrote.

The company said HDR Global Trading decided to close the exchange after a strategic review of the business and the broader crypto industry, adding that the closure was not linked to legal or regulatory issues. In 2024, BitMEX pleaded guilty to Bank Secrecy Act violations and paid $100 million in penalties, and in March 2025 President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed. According to Electoral Commission records, Delo has since given Nigel Farage's Reform UK £8 million this year.

The closure comes days after the Celsius bankruptcy estate sued five BitMEX-linked companies, alleging fraud, market manipulation and wrongful liquidations tied to 6,360 Bitcoin during the March 2020 market crash, with the estate seeking Bitcoin worth nearly $490 million at the time the lawsuit was reported.