BitMEX Failed to Survive Crypto War Under Biden, CZ Says; Founder Fined $10M Each

According to Binance founder CZ, BitMEX's shutdown is regrettable, noting that the platform pioneered 100x perpetual futures contracts in 2014 and significantly advanced the industry. CZ highlighted that BitMEX's conservative design—accepting only BTC deposits and processing withdrawals through multi-signature wallets—helped the platform avoid major security breaches for years.

Four BitMEX co-founders pleaded guilty to violating the Bank Secrecy Act, each facing a $10 million fine and home confinement before trial. CZ stated that despite this, BitMEX ultimately could not survive the crypto war during the Biden administration. The platform is currently winding down in orderly fashion, with users able to withdraw assets.