BitMEX Ends Trading After 11 Years, Applies Fees to Leftover Balances
Withdrawals remain open, but new deposits will not be credited. Verified accounts face a monthly fee based on 1% annually or a $50 minimum, while broader charges begin Oct. 1.
BitMEX ended trading at 12 a.m. ET (04:00 UTC) on Sept. 23 after 11 years, leaving customers access to withdrawals while blocking new deposits from being credited.
The exchange now applies a monthly account fee to verified accounts. The charge is based on an annualized rate of 1% or a $50 equivalent, whichever is greater. The broader fee schedule is scheduled to begin Oct. 1 for accounts that have not completed identity checks, and the rates may change.
Customers can withdraw funds through the BitMEX website. USDT, USDC and Ether (ETH) withdrawals can be sent only through the Ethereum network. Offers promising accelerated or priority withdrawals are likely scams.
The closure follows a staged wind-down detailed in earlier coverage of BitMEX’s trading halt. BitMEX removed its remaining spot markets on Sept. 21 and stopped its Convert function on Sept. 22.
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed. Its owner, HDR Global Trading, announced the closure in July after a strategic review of the business and the broader crypto industry.
Separately, the Celsius bankruptcy estate is seeking at least 6,360 Bitcoin (BTC), valued at more than $530 million at Wednesday’s prices, from HDR Global Trading and four affiliates. The estate alleges that BitMEX used margin requirements, liquidation prices and its liquidation engine to push Bitcoin prices lower during liquidations on March 12 and 13, 2020. The court has not ruled on the claims.
Withdrawals remain available through the website as the shutdown proceeds.
