CZ laments BitMEX shutdown, says it could not withstand Biden-era crypto regulation

Binance founder Zhao Changpeng said on X that he was saddened to see BitMEX shut down. Zhao said BitMEX began offering 100x leverage in the crypto market in 2014, supported only Bitcoin deposits, and allowed withdrawals via multisig only once a day. Zhao said those simple principles helped protect the exchange from hacks. Zhao added that all four BitMEX founders pleaded guilty to U.S. government charges related to the Bank Secrecy Act, or BSA, and paid $10 million in fines. Zhao said the business ultimately failed to withstand crypto regulation under the Biden administration, while its wind-down process appears orderly even as the exchange closes.