Binance founder Changpeng Zhao said in a post that BitMEX was the first crypto platform to introduce 100x leveraged futures trading back in 2014, pointing to the exchange’s early product design and strict operating setup. Zhao said BitMEX ran for years with a narrow structure: it accepted only Bitcoin deposits, operated on a single chain, limited withdrawals to once per day, and used multi-signature wallets to manage funds. He said those restrictions helped the exchange avoid hacker attacks.
Zhao also referred to the legal case involving BitMEX’s four founders. According to his post, they had previously been accused of violating the Bank Secrecy Act and pleaded guilty one month before trial. He said each founder was fined $10 million and placed under house arrest, while none received a prison sentence. Zhao added that the company’s business ultimately did not continue under what he described as regulatory pressure.
Binance founder Changpeng Zhao said in a post that BitMEX was the first company in crypto to roll out 100x leveraged futures trading in 2014.
Zhao said BitMEX relied for a long time on several restrictive operating rules: Bitcoin-only deposits, a single-chain setup, one withdrawal window per day, and fund management through multi-signature wallets. He said those limitations helped the exchange avoid hacker attacks.
Zhao also mentioned the case involving BitMEX’s four founders. In his account, they were previously charged with violating the Bank Secrecy Act and pleaded guilty one month before trial. Each was fined $10 million and placed under house arrest, while none was sentenced to prison. He added that the company’s business ultimately failed to continue under what he described as regulatory pressure.
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