CZ: Regrets that BitMEX Couldn’t Survive the “War on Crypto”

Odaily Planet Daily News CZ expressed regret over BitMEX's announcement of its closure and recalled that BitMEX was the first in the crypto market to launch 100x leveraged perpetual contracts in 2014, driving industry development.

CZ pointed out that BitMEX only supported BTC deposits, operated on a single chain, and adopted daily, multi-signature wallet batch processing for withdrawals. These seemingly inconvenient designs actually helped the platform avoid hacker attacks in the long run.

He also mentioned that the four co-founders of BitMEX admitted to violating the Bank Secrecy Act (BSA) one month before the trial. Each was fined $10 million and placed under house arrest, but none were jailed. However, CZ believes that BitMEX's business ultimately could not survive the "War on Crypto" during the Biden administration.

CZ concluded by stating that BitMEX is currently being shut down in an orderly manner, users can still withdraw their assets, and he paid tribute to co-founder Arthur Hayes.