BitMEX
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anchored·27L8UB…5QGwSummary
BitMEX (Bitcoin Mercantile Exchange), operated by Seychelles-registered HDR Global Trading Limited, was a cryptocurrency derivatives exchange founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed that popularised the perpetual swap. It paid a $100 million CFTC/FinCEN civil settlement in 2021; its three co-founders and a senior employee pleaded guilty to Bank Secrecy Act violations, and the corporate entity later pleaded guilty and was fined a further $100 million, before all five received presidential pardons in March 2025. After a failed two-year sale process, BitMEX permanently shut down on September 23, 2026, and the disposition of its roughly $270 million insurance fund remained undisclosed.
Connected Entities
4 entities · 60 linked investigations- BitMEX→mentioned with→Bitcoin(70%)
- BitMEX Exchange→mentioned with→BitMEX(70%)
- BitMEX Exchange→mentioned with→Bitcoin(70%)
- BitMEX→mentioned with→Changpeng Zhao(80%)
- Changpeng Zhao→mentioned with→Bitcoin(60%)
Connected Through
3 shared actors · 509 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Bitcointoken
- □Changpeng Zhaoorganization
- □BitMEXorganization
8 submissions awaiting moderator review.
Timeline(21 events)
2014
BitMEX founded by Arthur Hayes, Ben Delo and Samuel Reed under HDR Global Trading Limited, incorporated in the Seychelles.
BitMEX - Wikipedia2016
BitMEX introduces the Bitcoin perpetual swap contract, with no expiry and up to 100x leverage.
Finance MagnatesNovember 2019
BitMEX exposes the email addresses of a large part of its user base by using CC instead of BCC in a mass marketing email.
CoinDeskOctober 2020
CFTC files civil charges against BitMEX entities and co-founders Hayes, Delo and Reed; SDNY unseals a criminal indictment charging them and Gregory Dwyer with Bank Secrecy Act violations.
CFTC Press Release 8270-20November 2020
Parent reorganises as 100x Group; Alexander Höptner appointed CEO, replacing interim CEO Vivien Khoo.
CoinDeskAugust 2021
Court orders BitMEX entities to pay $100 million to resolve CFTC and FinCEN civil charges ($80 million immediately, $20 million suspended).
CFTC Press Release 8412-21May 2022
Court enters CFTC consent orders against Hayes, Delo and Reed: $10 million civil penalty each ($30 million total) and permanent injunctions.
CFTC Press Release 8522-22May 2022
Arthur Hayes sentenced to two years of probation, including six months of home detention, and a $10 million criminal fine.
CoinDeskJune 2022
Benjamin Delo sentenced to 30 months of probation without home confinement and a $10 million criminal fine.
CoinDeskAugust 2022
Gregory Dwyer, BitMEX's first employee and head of business development, pleads guilty to violating the Bank Secrecy Act.
CoinDeskNovember 2022
Gregory Dwyer sentenced to one year of probation and a $150,000 criminal fine.
Willkie Compliance ConcourseJuly 2024
HDR Global Trading Limited pleads guilty in SDNY to willfully failing to maintain an adequate AML program from 2015 to 2020.
DOJ SDNYNovember 2024
BitMEX engages Broadhaven Capital Partners (late 2024) to advise on a potential sale; publicly reported in February 2025.
CoinDeskJanuary 2025
HDR Global Trading sentenced to a $100 million criminal fine and two years of probation; DOJ had initially sought more than $200 million.
DOJ SDNYMarch 2025
President Trump pardons Hayes, Delo, Reed, Dwyer and HDR Global Trading Limited; civil regulatory penalties unaffected.
CNBCJuly 2026
HDR Global Trading announces BitMEX will permanently close on September 23, 2026 at 04:00 UTC; new registrations halted.
BitMEX official announcementAugust 2026
BitMEX blocks new position openings at 04:00 UTC on August 26; users can only reduce existing positions.
BitMEX official announcementSeptember 2026
BitMEX shuts down at 04:00 UTC on September 23; remaining positions auto-closed, fees begin on unwithdrawn balances, and disposition of the ~$270 million insurance fund remains undisclosed.
BitMEX official announcement; ProtosDecision Log
- slot 445607905 · hash Eed11rzkRxp4ztEDaHfN345TnqWC8NnqXcQAhSkjAGVB
- slot 426514588 · hash BnJo1EsMumfdUFjQR4en8zgzdXJ6cFykxCsdoZF5A7re
- slot 426514583 · hash 9mdovrzdSvqYhv55YMkrYighLH4Q8iXAqjqexLdgoE5g
- slot 426280291 · hash 9DSnBybi9Rvz63vV3Q28WeRY4QfiwRKdZ59Sk59xYkTm
- slot 426280288 · hash 4NyG8iAfykt9reeBYsfPegfGNNyHJD1s4m9VALM9AX9u
- slot 423324478 · hash GUznHkcigTc1oddWs6oFNy64ZDqXekuigqt7JLD5qTpw
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 44 of 48 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/31/2026, 6:58:49 AM
last updated: 10/2/2026, 5:26:20 AM
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