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

In brief

• BitMEX officially ended exchange operations Wednesday, closing out a wind-down announced in July. Trading and deposits are off, but withdrawals remain open.
• Verified users who leave balances behind now pay 1% a year or $50, whichever is greater, charged monthly and set to rise over time.
• The exchange invented the crypto perpetual swap but faced a 2024 guilty plea. Its co-founders were pardoned by President Donald Trump in 2025.

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.

"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.