BitMEX Shuts Down After 11 Years, CZ Mourns the End of an Era

Dominance unraveled quickly after U.S. regulators charged founder Arthur Hayes and other executives with violating anti-money laundering rules in 2020. Competitors such as Binance Futures and Bybit grabbed market share. FTX later joined the race before its own collapse. Hayes later received a full pardon and reinvented himself as a crypto macro commentator.

Binance founder Changpeng Zhao reacted to the wind-down by showing respect for Hayes. "Sad to see BitMex go," Zhao wrote on X. He said BitMEX did not survive the "war on crypto" from the previous administration, referencing the regulatory crackdown that followed the charges.

BitMEX reassured users that their funds are safe. "We want to reassure you that your assets remain fully safe and under your control during this transition period," the exchange said. Users have been encouraged to close positions and withdraw funds.

The shutdown marks the end of an exchange that defined an era of crypto derivatives. Its perpetual swap innovation survives in every major trading venue, the original home of 100x leverage is gone.