BitMEX shut down its exchange on September 23 after 11 years and now charges verified customers who leave money behind.
Anyone who has cleared identity checks and has a balance pays a monthly fee of $50 or an annualized 1% of assets, whichever is higher, the exchange said in its Sept. 23 post on X.
Deposits stopped crediting at 04:00 UTC on September 23
The shutdown took effect at 04:00 UTC on September 23. At that moment, trading, new positions, and deposits went dark, BitMEX said in its closure notice.
HDR Global Trading Limited, a Seychelles company that owns the platform, has discouraged users from sending crypto to old deposit addresses. Nothing arriving now gets credited.
Customers can still sign in to the website and lodge withdrawal requests. BitMEX told holders to check the email associated with their account for instructions.
“Your funds remain completely safe,” the company wrote. The wind-down continues, but withdrawals are still open.
The 1% is per year, billed monthly. The account is charged whichever is greater, a flat $50 equivalent or the annualized percentage.
BitMEX said in its July notice that the fee would increase over time for balances not withdrawn, and that any increase would be flagged to users in advance.
BitMEX said it is gradually ushering in identity verification updates, cooldown periods and a simplified website.
The exchange warned that further reviews, a spate of withdrawal requests and confirmation times on the blockchain could slow things down. A withdrawal with the status “Processing” is in the queue for the chain.
BitMEX also cautioned about phishing attempts that promised faster payouts. The company said there is no priority or expedited withdrawal service.
HDR Global found no buyer after putting the exchange up for sale in 2025
BitMEX was launched in 2014 by Arthur Hayes, Ben Delo and Samuel Reed. It made its name on the perpetual swap, a futures contract with no expiry date, and leverage as high as 100x.
The exchange introduced that instrument in 2016, the predominant product now in crypto derivatives. Centralized exchange derivatives volume hit $3.4 trillion in August alone.
BitMEX never recuperated after being charged by U.S. authorities in October 2020 over anti-money laundering failures. Binance, Bybit and OKX took its lead.
In early 2025, HDR Global put the business up for sale, but no buyer was found. It said the closure was down to a strategic review of the company and wider market.
According to Cryptopolitan in July, the founders received a pardon from President Donald Trump in March 2025.
The July notice initiated a wind-down that froze new sign-ups, blocked position openings on August 26 and force-closed remaining trades before the final shutdown.
