CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

BitMEX shuts down: perpetuals pioneer officially closes it doors after 11 years

CoinDesk logo

Published on

Add as a preferred source on Google
BitMEX shuts down: perpetuals pioneer officially closes it doors after 11 years

BitMEX, the crypto derivatives platform that helped pioneer perpetual futures trading, marked the end of an era Wednesday, shutting down exchange operations except for withdrawals..

Trading, deposits and new positions are no longer available as of 04:00 UTC on Tuesday, BitMEX said in a statement on X. Users can still log in and withdraw their balances through the platform’s website, but the company said deposits are definitely no longer possible.

BitMEX, which was co-founded by Arthur Hayes, Ben Delo and Samuel Reed in 2014 urged its customers to withdraw funds and said account fees now apply to know-your-customer (KYC) verified users who leave balances on the exchange. The monthly charge is based on an annualized 1% of assets or a $50 equivalent minimum, whichever is greater.

The closure brings to an end the 11-year run of an exchange that helped establish the perpetual swap, now the dominant instrument in crypto derivatives markets. But BitMEX’s shutdown is not a freeze on customer assets, as the platform reiterated that withdrawals remain available as it winds down.

BitMEX announced in July that it was closing following a strategic review by parent HDR Global Trading. At the time, the exchange,, had reportedly been losing ground in the perpetuals market it helped create.

BitMart also announced it was shutting down in July due to market conditions after nine years in business.

4 trillion in August alone or up to $50 trillion a year, according to CoinDesk research .



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.