BitMEX Shuts Down After 11 Years and Opens Withdrawals
Customers can still withdraw their balances, but trading and deposits have now stopped for good. The shutdown follows a strategic review and comes as perpetual futures gain ground at competitors.
Key Takeaways
- BitMEX has shut down its exchange operations after 11 years, while customers can still withdraw their balances.
- Trading, deposits, and new positions have not been available since Tuesday at 04:00 UTC, and open balances can be withdrawn through the website.
- The shutdown follows a strategic review and fits into a broader trend in which older crypto companies are shutting down under pressure from the market and regulation.
BitMEX has shut down its exchange operations after 11 years, but customers can still withdraw their balances. Trading, deposits, and new positions have not been available since Tuesday at 04:00 UTC. The crypto exchange, co-founded by Arthur Hayes, Ben Delo, and Samuel Reed, is closing out an era for the crypto market.
Withdrawals Remain Available
BitMEX said in a statement on X that users can still log in and withdraw their funds through the website. According to the company, deposits are now permanently unavailable. For KYC-verified users who leave money on the platform, monthly fees now also apply. These amount to 1% per year of the assets, with a minimum of $50 (€44) per month.
The message is clear: the exchange is not locking customer funds, but it is being wound down. That makes this shutdown different from a freeze of funds, something users in the crypto sector are often quick to watch for.
From Pioneer to Wind-Down
BitMEX was founded in 2014 and played a major role in the rise of perpetual swaps, a derivatives product with no fixed expiration date. According to the company and earlier reporting, the shutdown followed a strategic review by parent company HDR Global Trading. In July, BitMEX already announced it would stop after losing ground in the perpetual futures market it helped shape.
The timing fits a broader shift in the sector. Over the past few months, more crypto companies and protocols have shut down, while regulators and changing market conditions have put pressure on older players. CoinEx also announced in July that it would stop after nine years.
Why This Matters
For European crypto readers, this shows how quickly the derivatives market has changed. Perpetuals are now one of the most traded products in crypto, but that does not mean early platforms automatically keep their position. BitMEX’s shutdown mainly shows that even well-known names have to rethink their model when liquidity, competition, and regulation shift.
