Binance Founder Changpeng Zhao Reflects: BitMEX Pioneered 100x Crypto Perpetual Contracts in 2014, Paying Tribute to Arthur Hayes

Crypto Circle (120BTC.COM) reports: After the crypto derivatives exchange BitMEX announced it would cease operations on September 23, 2026, Binance founder Changpeng Zhao (CZ) expressed his sadness in a post on X on July 23, reflecting on the history of this perpetual contract pioneer. CZ wrote, "It's hard to see BitMEX go." He also paid tribute to co-founder Arthur Hayes.

CZ Reflects on BitMEX's 2014 Launch of 100x Crypto Perpetual Contracts

CZ pointed out in his post that BitMEX pioneered 100x leverage perpetual contracts in the crypto market as early as 2014. Before this, the market was dominated by futures products with delivery dates, which made every Friday's settlement hectic.

The design of perpetual contracts without an expiration date later became the mainstream form in the entire crypto derivatives market and was adopted by almost all major exchanges.

CZ Claims Strict Restrictions Prevented BitMEX from Being Hacked

CZ also mentioned some seemingly inconvenient designs from BitMEX's early days. He wrote that the platform only accepted Bitcoin deposits, supported only a single chain, and withdrawals could only be processed once a day through a multi-signature wallet. CZ believes, "These seemingly inconvenient restrictions actually kept it from being hacked."

Reflecting on the legal troubles faced by the founders, CZ recounted that the founding team pleaded guilty before the trial after a long legal battle, ultimately resulting in no one going to prison. According to public records from the U.S. Department of Justice and the CFTC, the three co-founders, Arthur Hayes, Benjamin Delo, and Samuel Reed, pleaded guilty in 2022, each facing a $10 million criminal fine, with the case concluding with probation and home confinement, and no one imprisoned. CZ attributed the failure to continue BitMEX's operations to the "war on crypto" during the Biden administration, which is CZ's personal opinion.

CZ States the Liquidation Process is Orderly, Users Can Withdraw Assets

Regarding this closure, CZ stated that the liquidation process appears to be proceeding in an orderly manner, and users are able to withdraw their assets, while he paid respect to Arthur Hayes at the end of his post.

As for the event itself, BitMEX's parent company HDR Global Trading announced that it would stop new user registrations starting July 23, prohibit users from opening new positions from August 26, and officially cease trading at 04:00 UTC on September 23. The official emphasized that user funds are secure, assets exceed liabilities, and urged users to close positions and withdraw before the deadline.