BitMEX, the crypto derivatives pioneer that shut down its exchange on September 23 after 11 years of operation, has begun billing verified customers who leave funds on the platform.

According to the exchange's Sept. 23 post on X, any customer who has completed identity verification and holds a balance will pay a monthly fee of $50 or an annualized 1% of assets, whichever is higher. Because trading and deposits are already switched off, the fee now lands entirely on inactive balances, and it continues to build until those funds are withdrawn.

Deposits stopped crediting at 04:00 UTC on September 23

The shutdown took effect at 04:00 UTC on September 23. At that moment, trading, the opening of new positions, and deposits were switched off, BitMEX said in its closure notice.

HDR Global Trading Limited, the Seychelles-registered company that owns the platform, has warned users against sending crypto to old deposit addresses, since nothing arriving now is credited.

Customers can still sign in to the website and submit withdrawal requests. BitMEX has told account holders to check the email linked to their account for instructions.

“Your funds remain completely safe,” the company wrote. The wind-down continues, and withdrawals remain open.

The 1% fee is charged per year and billed monthly, with each account paying whichever is greater: a flat $50 equivalent or the annualized percentage of assets. In its July notice, BitMEX said the fee would increase over time for balances that are not withdrawn, and that users would be flagged in advance of any increase. For account holders still weighing whether to withdraw, the cost of waiting is set to rise, with BitMEX committing to flag any increase in advance.

The exchange said it is gradually rolling out identity verification updates, cooldown periods, and a simplified website. It cautioned that further reviews, a surge in withdrawal requests, and blockchain confirmation times could slow processing, noting that a withdrawal showing the status “Processing” is in the queue for the chain.

BitMEX also warned about phishing attempts promising faster payouts, stressing that there is no priority or expedited withdrawal service.

HDR Global found no buyer after putting the exchange up for sale in 2025

BitMEX was launched in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. The platform made its name with the perpetual swap, a futures contract with no expiry date, and leverage of up to 100x. The instrument, introduced in 2016, has become the predominant product in crypto derivatives, a market in which centralized exchange derivatives volume reached $3.4 trillion in August alone. The closure marks the exit of the exchange that made its name on the instrument now leading the derivatives market.

The exchange never recovered after being charged by U.S. authorities in October 2020 over anti-money laundering failures, with Binance, Bybit, and OKX taking the lead. In early 2025, HDR Global put the business up for sale, but no buyer was found. The company attributed the closure to a strategic review of the company and the wider market.

According to Cryptopolitan reporting in July, the founders received a pardon from President Donald Trump in March 2025.

The July notice initiated a wind-down that froze new sign-ups, blocked the opening of new positions on August 26, and force-closed remaining trades ahead of the final shutdown.