BitMEX shuts down: perpetuals pioneer officially closes it doors after 11 years
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
BitMEX, a crypto derivatives platform known for pioneering perpetual futures trading, has shut down after 11 years. Trading, deposits, and new positions were stopped as of 04:00 UTC on Tuesday, but users can still log in to withdraw their balances. The exchange warned that verified accounts with remaining funds will incur monthly fees based on an annualized 1% of assets or a $50 minimum.
Why it matters
BitMEX's closure marks the end of an era for a platform that helped establish perpetual swaps, now the dominant instrument in crypto derivatives markets. The source does not explicitly discuss the broader market or industry impact beyond emphasizing BitMEX's historical role.
Key context
BitMEX was co-founded by Arthur Hayes, Ben Delo, and Samuel Reed in 2014 and was notable for creating the perpetual futures trading mechanism. The decision to close followed a strategic review after BitMEX lost ground in the derivatives market it helped create. Despite ceasing operations, the platform is allowing withdrawals and winding down without freezing customer assets.
Key numbers and entities
The source mentions BitMEX, co-founders Arthur Hayes, Ben Delo, Samuel Reed, and the key fee policy—a monthly charge on KYC verified accounts based on an annualized 1% of assets or a $50 minimum. No other entities or numerical data are provided.
What remains unclear
The source does not detail the specific reasons behind BitMEX's market losses, the strategic review process, or what will happen to BitMEX's technology or user base. There is no information on how this closure might affect competitors or the broader crypto derivatives landscape beyond BitMEX's historic significance.