BitMEX halts trading after 11 years, withdrawals stay open
The perpetual futures pioneer stopped deposits & new positions but left withdrawals open during wind-down.
The hit
BitMEX halted trading, deposits & new positions at 04:00 UTC, ending an 11-year run, according to a statement on X. The exchange marked the shutdown on Wednesday, though the halt itself took effect at 04:00 UTC on Tuesday, per the statement. Withdrawals stay open, but the exchange urged users to withdraw balances, warning that verified accounts left with funds now face a monthly fee.
Why it matters
Traders lose one of the market’s original venues for leveraged crypto bets, at a time when perpetuals volume has swelled into the trillions. BitMEX announced its closure in July following a strategic review by parent HDR Global Trading, after the exchange had reportedly been losing ground in the perpetuals market it helped create.
The record
| Founded | 2014, by Arthur Hayes, Ben Delo & Samuel Reed |
|---|---|
| Trading halted | 04:00 UTC Tuesday (BitMEX) |
| Closure announced | July, after strategic review by parent HDR Global Trading |
| Account fee for remaining balances | 1% annualised or $50 minimum, whichever is greater (BitMEX) |
| Sector derivatives volume | $3.4 trillion in August alone (CoinDesk research) |
What happens next
BitMEX has urged users to withdraw their balances as the wind-down continues, per its statement.
Sources: BitMEX shuts down trading after 11 years, leaves withdrawals open
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