This isn’t unique to BitMEX. The “traditional finance” model is built on an adversarial relationship between the platforms and their own customers. Too many financial products still earn from churn, fees, liquidation, counterparties, or an information advantage over the people using them. Exchanges that can see your liquidation price, your hidden orders, and then trade against you aren’t some rare exception. They’re just the most obvious version of a structure that has existed for a long time. The only real difference is that in crypto, the extraction is more transparent and the lawsuits arrive faster.