CZ Pays Tribute to BitMEX Founder Hayes: Regrets Seeing BitMEX Shut Down
Binance founder CZ expressed his condolences to Arthur Hayes, stating he regrets seeing BitMEX shut down. He recalled that BitMEX was the first to launch 100x perpetual contracts in 2014 and that its policy of only accepting BTC deposits helped it avoid hacks. He mentioned that the four founders acknowledged violations of the Bank Secrecy Act, which led to their business not surviving regulatory pressure, resulting in an orderly liquidation. This statement reflects mutual respect among industry veterans and is driven by events, with capital flowing towards operational centralized and decentralized derivatives platforms, reinforcing early innovation narratives.
Source: Public Information
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As the founder of Binance, CZ has also faced regulatory charges in the U.S. and reached a settlement. He has previously acknowledged BitMEX's pioneering contributions to perpetual contracts, and both are early key figures in crypto derivatives. The capital flow reflects a shared reflection within the industry on the regulatory "crypto war," motivated by a tribute to strengthen narratives of decentralization and self-regulation, while highlighting the importance of orderly exits and user asset protection. In contrast to FTX's chaotic collapse and other exchanges' passive exits, BitMEX concluded its operations with its founders' guilty pleas and business closure while still ensuring withdrawals, marking the end phase of centralized exchanges transitioning from reckless expansion to regulatory elimination. Essentially, this is a response to regulatory changes, with mechanisms in U.S. law enforcement actions raising compliance costs, forcing early high-risk platforms to ultimately exit the market. ABAB News · Law of Cognition
- Early restrictions are often the best safety shield.
- An orderly exit is harder than reckless growth.
- Peer tributes are the true medals of the industry.