News
Public · Published
Crypto Exchange That Invented 100x Leverage Is No More: Here's What BitMEX Users Need to Know
BitMEX ended trading at 04:00 UTC Wednesday and is urging users to withdraw their remaining funds, as fees now apply to balances left on the exchange.
Published:
Updated:
What happened
BitMEX ended trading at 04:00 UTC Wednesday and is urging users to withdraw their remaining funds, as fees now apply to balances left on the exchange.
Confirmed
Global impact / market context
Users who leave money on BitMEX will now pay fees on those balances, so any funds not withdrawn may shrink over time. This pushes customers to move their cash quickly to another place.
Confirmed
BitMEX was known for offering 100x leverage, which means traders could borrow heavily to bet on crypto prices. Its closure removes one venue where such high-risk trading happened, possibly shifting activity to other exchanges.
Analyst inference
What to watch
- BitMEX ended trading at 04:00 UTC Wednesday and said fees apply to balances remaining on the exchange. Confirmed
- Users may withdraw funds to avoid fees, which could move crypto holdings to other exchanges or personal wallets. Analyst inference
- Other exchanges offering borrowed-money trading could see more activity if former BitMEX users move their accounts there. Analyst inference
Affected assets
- 00 — 00 Token