Changpeng Zhao, widely known as CZ, said he was saddened by BitMEX’s shutdown and used the moment to look back at the exchange’s place in crypto market history. He said BitMEX was the first platform to introduce 100x leveraged perpetual contracts in 2014, a product he said helped push the industry forward. Zhao also pointed to several early design choices at the exchange, including BTC-only deposits, a single-chain setup, and once-daily withdrawals processed through a multisignature wallet system. While those features appeared inconvenient, he said they helped BitMEX avoid hacker attacks for a long period. Zhao also noted that the exchange’s four co-founders admitted to violating the Bank Secrecy Act one month before trial, with each receiving a $10 million fine and home detention, though none went to prison. In Zhao’s view, BitMEX’s business ultimately failed to outlast what he called the Biden administration’s "War on Crypto." He added that BitMEX is now winding down in an orderly way, users can still withdraw assets, and he expressed respect for co-founder Arthur Hayes.
Changpeng Zhao, or CZ, said he regretted seeing BitMEX announce its shutdown and revisited the exchange’s role in the early crypto market.
Zhao said BitMEX was the first platform to launch 100x leveraged perpetual contracts in 2014, a move he said helped drive the industry forward.
Early product design and security
He also described several features from BitMEX’s earlier years: the platform only accepted BTC deposits, operated on a single chain, and handled withdrawals once per day through a multisignature wallet process. Zhao said those arrangements looked inconvenient on the surface, but they helped the exchange avoid hacker attacks over a long period.
Co-founders admitted to BSA violations
Zhao also said BitMEX’s four co-founders admitted to violating the Bank Secrecy Act, or BSA, one month before trial. Each was fined $10 million and placed under home detention, while none was sent to prison.
Shutdown and Zhao’s closing remarks
Still, Zhao said BitMEX’s business did not survive what he called the Biden administration’s "War on Crypto."
He added that BitMEX is now shutting down in an orderly manner, users are still able to withdraw their assets, and he expressed respect for co-founder Arthur Hayes.
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