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

18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.