BitMEX review
BitMEX is a cryptocurrency derivatives exchange founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, credited with popularizing the perpetual futures contract most crypto exchanges now offer. Its operating entity, HDR Global Trading Limited, is registered in the Seychelles. In October 2020, US authorities charged BitMEX and its founders with operating an unregistered trading platform and violating the Bank Secrecy Act's anti-money-laundering requirements; the founders pleaded guilty in 2022 and paid $10 million each; the company pleaded guilty in 2024 and was fined $100 million. In March 2025, Trump pardoned the founders and the company, cancelling the fine. On July 23, 2026, BitMEX announced it will close entirely on September 23, 2026, ending new registrations immediately.
BitMEX key facts
- Website: www.bitmex.com
- Category: Cryptocurrency derivatives exchange (CEX)
- Founded: 2014, by Arthur Hayes, Ben Delo and Samuel Reed
- Headquarters: Seychelles-registered (HDR Global Trading Limited)
- Regulatory status: Not available to US residents; restricted in Cuba, Iran, Syria, North Korea and other jurisdictions
- Products: Spot trading, perpetual swaps, futures and options; leverage up to 100x on some products
- Trading fees: Spot ~0.01% maker / 0.075% taker; derivatives ~0.01% maker rebate / 0.075% taker
- Notable regulatory history: Oct 2020 US charges for unregistered trading and Bank Secrecy Act violations; founders and company pleaded guilty (2022 / 2024); all pardoned by President Trump, March 2025
- Status: Closing entirely on September 23, 2026, per a July 23, 2026 announcement
- FYI Score: 75.3/100 (ranked #229 of the crypto exchanges we track)
Trading fees
- Spot trading fees around 0.01% maker / 0.075% taker
- Derivatives (perpetual swaps/futures) priced around a 0.01% maker rebate against roughly 0.075% taker
- No deposit or withdrawal fees on most assets
Products
- Spot trading across a limited set of major cryptocurrencies (BTC, ETH and others)
- Perpetual swap contracts, the product BitMEX is credited with popularizing in 2016
- Traditional futures and options contracts, with leverage up to 100x on some products
Security & regulation
- Operating entity HDR Global Trading Limited is registered in the Seychelles, an offshore jurisdiction, with no primary onshore financial regulator
- Not available to US residents; also restricted in Cuba, Iran, Syria, North Korea and other sanctioned or restricted jurisdictions
- October 2020: the CFTC and DOJ (SDNY) charged BitMEX and founders Arthur Hayes, Ben Delo and Samuel Reed, plus executive Gregory Dwyer, with operating an unregistered trading platform and violating the Bank Secrecy Act's anti-money-laundering and know-your-customer requirements, after the platform had taken in more than $11 billion in bitcoin deposits
- The three founders pleaded guilty in 2022 and paid $10 million in personal fines each; the corporate entity pleaded guilty in July 2024 and was fined $100 million in January 2025; in March 2025, President Trump pardoned Hayes, Delo, Reed, Dwyer and the company, cancelling the fine
- BitMEX states it has never lost customer funds to a hack across its operating history
2026 shutdown
- On July 23, 2026, BitMEX announced its board decided to close the exchange entirely, citing a strategic review of the business and the broader crypto industry
- New account registrations stopped immediately; from August 26, 2026 only position-reducing trades are allowed
- All services and any remaining open positions close by September 23, 2026, 04:00 UTC
- Users can still access accounts to withdraw funds after closure, though unwithdrawn balances accrue a monthly charge of $50 or 1% annually, whichever is greater
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Who BitMEX is for
BitMEX is not a viable option for new users: it stopped accepting new account registrations as of its July 2026 closure announcement, and existing users need to close positions and withdraw funds before the exchange shuts down entirely on September 23, 2026.
Pros
- One of the earliest and most influential crypto derivatives exchanges, credited with popularizing the perpetual swap contract used industry-wide
- States it has never lost customer funds to a hack across more than a decade of operation
- No deposit or withdrawal fees on most assets, with competitive maker/taker pricing
Cons
- Operating entity is registered offshore in the Seychelles with no primary onshore financial regulator; not available to US residents
- BitMEX and its three founders were criminally charged in October 2020 for operating an unregistered trading platform and violating US Bank Secrecy Act anti-money-laundering requirements; the founders pleaded guilty in 2022 and the company itself pleaded guilty in 2024, paying a $100 million fine in January 2025 that was later cancelled by a March 2025 presidential pardon
- The March 2025 pardons of the founders and the company were part of a broader set of crypto-industry pardons that drew public scrutiny
- BitMEX announced on July 23, 2026 that it will shut down entirely by September 23, 2026, ending it as a going concern for new business, comparison or partnership purposes
BitMEX FAQ
Is BitMEX shutting down?
Yes. On July 23, 2026, BitMEX announced that its board decided to close the exchange following a strategic review, effective September 23, 2026 at 04:00 UTC. New account registrations stopped immediately, and from August 26, 2026 users can only reduce existing positions. BitMEX says user assets remain safe and withdrawable, though unwithdrawn balances will accrue a monthly charge of $50 or 1% annually, whichever is greater.
What was BitMEX's 2020 US case about?
In October 2020, the CFTC and US federal prosecutors in the Southern District of New York charged BitMEX's operating company and founders Arthur Hayes, Ben Delo and Samuel Reed, along with executive Gregory Dwyer, with running an unregistered trading platform and failing to implement required anti-money-laundering and know-your-customer procedures, after the platform had received more than $11 billion in bitcoin deposits. The founders pleaded guilty in 2022 and paid $10 million each in personal fines; the corporate entity itself pleaded guilty in July 2024 and was fined $100 million in January 2025.
Were the BitMEX founders pardoned?
Yes. In March 2025, President Trump pardoned Arthur Hayes, Ben Delo, Samuel Reed and Gregory Dwyer, along with the corporate entity, cancelling the outstanding $100 million fine. The pardons were part of a broader set of crypto-related pardons issued that year and drew public scrutiny over the circumstances.
Is BitMEX regulated?
No single major financial regulator authorizes BitMEX's main platform. Its operating entity, HDR Global Trading Limited, is registered in the Seychelles, an offshore jurisdiction, and the exchange is not available to US residents. Its defining regulatory event is the 2020 US Bank Secrecy Act case described above, rather than an active trading license.
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