BitMEX
Company History
BitMEX History: Founding, Growth & Key Milestones
Founded 2014 in Victoria, Seychelles
When was BitMEX founded?
BitMEX was founded in 2014 in Victoria, Seychelles by Arthur Hayes, Ben Delo and Samuel Reed, making it 12 years old.
- Founded
- 2014
- Founding place
- Victoria, Seychelles
- Founders
- Arthur Hayes, Ben Delo and Samuel Reed
- Headquarters today
- Victoria, Mahé, Seychelles
- Milestones documented
- 13 (2014–2026)
- Current CEO
- Peter Wilkinson
| Year | Event |
|---|---|
| 2014 | BitMEX opens for trading |
| 2015 | SAFE round and Chinaccelerator |
| 2016 | XBTUSD perpetual swap launches |
| 2018 | Delo becomes UK's first Bitcoin billionaire |
| 2019 | CFTC investigation reported |
| 2020 | CFTC and DOJ charges |
| 2021 | $100 million CFTC and FinCEN settlement |
| 2022 | Founders plead guilty; spot and BMEX launch |
| 2024 | HDR Global Trading pleads guilty |
| 2025 | $100 million fine, then pardons |
| 2026 | CEO Stephan Lutz departs |
| 2026 | Closure announced after failed sale |
| 2026 | BitMEX stops trading |
- Where was BitMEX founded?
- BitMEX was founded in Victoria, Seychelles in 2014.
- Who founded BitMEX?
- BitMEX was founded by Arthur Hayes, Ben Delo and Samuel Reed.
- When did BitMEX start?
- BitMEX was founded in 2014.
- How old is BitMEX?
- BitMEX is 12 years old as of 2026.
Founding Story
Arthur Hayes traded equity derivatives at Deutsche Bank and Citigroup in Hong Kong until Citi let him go in 2013. He started trading Bitcoin and saw that crypto had no professional derivatives venue. With Ben Delo, an Oxford-trained developer who had built trading systems, and Samuel Reed, a software engineer, he launched BitMEX in November 2014 with money from family and friends, a small SAFE round in July 2015 and a place in SOSV's Chinaccelerator program. Early futures barely traded. The turning point came in May 2016 with XBTUSD, a Bitcoin perpetual swap that never expired.
Founders
Arthur Hayes
Arthur Hayes co-founded BitMEX in 2014 and led it as CEO through the launch of the XBTUSD perpetual swap in 2016 and its 2018-2019 peak. He stepped back in October 2020 after US charges, pleaded guilty in 2022 to failing to maintain an anti-money laundering program, served probation and was pardoned in March 2025. He now runs family office Maelstrom as CIO and is one of crypto's best-known macro writers. Arthur Hayes was born in 1985 in Detroit. Education: Nichols School.
Ben Delo
Ben Delo co-founded BitMEX in 2014 and worked on its trading engine and contract design. Reported as the UK's first Bitcoin billionaire in 2018, he signed the Giving Pledge in 2019. He pleaded guilty in February 2022 to a Bank Secrecy Act violation, received 30 months of probation and was pardoned in March 2025. In September 2026 he donated a record ~$47.5 million (£36 million) to Reform UK. Ben Delo was born in 1984 in Sheffield. Education: Lord Williams's School.
Samuel Reed
Samuel Reed co-founded BitMEX in 2014 and served as CTO until October 2020. He was arrested in Massachusetts when US charges were unsealed, pleaded guilty in March 2022 to a Bank Secrecy Act violation, was sentenced to probation and was pardoned in March 2025. (Exact birth year remains publicly undisclosed).
Key Milestones
BitMEX opens for trading
Arthur Hayes, Ben Delo and Samuel Reed launched BitMEX in November 2014, operated by HDR Global Trading and funded at first by family and friends.
Source: en.wikipedia.orgSAFE round and Chinaccelerator
BitMEX raised a small SAFE round in July 2015 and joined SOSV's Chinaccelerator program while its early futures struggled for volume.
Source: en.wikipedia.orgXBTUSD perpetual swap launches
In May 2016 BitMEX launched XBTUSD, a Bitcoin perpetual swap with no expiry and an eight-hour funding rate, which became its most popular product.
Source: en.wikipedia.orgDelo becomes UK's first Bitcoin billionaire
As BitMEX volume surged, co-founder Ben Delo was reported as the UK's first and youngest self-made Bitcoin billionaire.
Source: en.wikipedia.orgCFTC investigation reported
In July 2019 Bloomberg reported that the CFTC was investigating whether BitMEX allowed Americans to trade on the platform.
Source: en.wikipedia.orgCFTC and DOJ charges
On October 1, 2020 the CFTC sued BitMEX's operators and founders and prosecutors charged Hayes, Delo, Reed and Gregory Dwyer under the Bank Secrecy Act. Hayes and Reed stepped back days later.
Source: cftc.gov$100 million CFTC and FinCEN settlement
In August 2021 a federal court ordered the BitMEX entities to pay a $100 million civil penalty, partly offset by a parallel FinCEN payment. The same month BitMEX became AC Milan's first sleeve partner.
Source: cftc.govFounders plead guilty; spot and BMEX launch
Hayes and Delo pleaded guilty in February 2022 and Reed in March. BitMEX launched spot trading in May, CFO Stephan Lutz became interim CEO in October, and BMEX began trading in November.
Source: en.wikipedia.orgHDR Global Trading pleads guilty
In July 2024 BitMEX's operator pleaded guilty to violating the Bank Secrecy Act by failing to maintain an adequate anti-money laundering program.
Source: en.wikipedia.org$100 million fine, then pardons
A judge fined HDR Global Trading $100 million on January 15, 2025. In March 2025 President Trump pardoned Hayes, Delo, Reed, Dwyer and the company.
Source: justice.govCEO Stephan Lutz departs
In late June 2026 CEO Stephan Lutz, CFO Ina Steiner and chief growth officer Raphael Polansky left, and general counsel and COO Peter Wilkinson became CEO.
Source: cryptopolitan.comClosure announced after failed sale
On July 23, 2026 HDR Global Trading announced BitMEX would close after a strategic review and a roughly two-year sale effort that found no buyer.
Source: bitmex.comBitMEX stops trading
Trading ended at 04:00 UTC on September 23, 2026. The site stays open for withdrawals, and balances left behind incur a monthly account fee.
Source: bitmex.comKeep researching BitMEX
BitMEX Company History FAQ
When was BitMEX founded?
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed and opened for trading in November 2014. It was operated by HDR Global Trading Limited, a Seychelles company.
When did BitMEX launch the perpetual swap?
In May 2016 BitMEX launched XBTUSD, a Bitcoin perpetual swap with no expiry date. A funding payment between longs and shorts every eight hours kept its price close to the spot index.
What happened to BitMEX in 2020?
On October 1, 2020 the CFTC filed a civil complaint and federal prosecutors charged the founders over unregistered trading and missing anti-money laundering controls. Hayes and Reed stepped back days later, and Vivien Khoo, COO of holding group 100x, became interim CEO.
When did BitMEX close?
HDR Global Trading announced the closure on July 23, 2026. New positions were blocked from August 26, spot markets stopped on September 21, and trading ended at 04:00 UTC on September 23, 2026.
Was BitMEX ever hacked?
BitMEX says it never lost customer funds to a hack in more than 11 years. It kept customer Bitcoin in multi-signature cold storage and historically processed withdrawals in daily batches.
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