BitMEX Shuts Down After Inventing the Perpetual Swap in Crypto Trading
BitMEX, a pioneering cryptocurrency exchange known for introducing perpetual swaps with up to 100x leverage, has officially ceased operations. The platform halted all trading and new positions on September 23, 2026, as part of its two-month wind-down process. Users can still access their accounts but are encouraged to withdraw remaining funds immediately due to the closure of deposit capabilities. Founded in 2014, BitMEX popularized perpetual contracts with no expiry date and high leverage options. Despite never losing user funds to a hack, it faced legal challenges including a $100 million penalty for Bank Secrecy Act violations in 2024. Co-founders Arthur Hayes, Ben Delo, and Samuel Reed were pardoned by President Donald Trump in March 2025. BitMEX has implemented annual account fees of up to 1% or $50 equivalent per month for KYC-compliant users, with plans to increase the fee over time. The closure marks a significant shift in the crypto trading landscape and could impact traders who relied on its high-leverage products.
Topics: 100x leverage BitMEX crypto exchange closure perpetual swaps