BitMEX to Close Crypto Exchange After 11 Years

BitMEX will close its crypto exchange on Sept. 23, 2026, after operating for over 11 years.

HDR Global Trading Limited approved the shutdown following a strategic business review. The company also cited conditions across the wider crypto industry.

BitMEX stopped accepting new account registrations on July 23. It urged existing users to close positions and withdraw their funds early.

The exchange will restrict new positions from 04:00 UTC on Aug. 26. It will then end exchange services at 04:00 UTC on Sept. 23.

The closure ends the run of a platform that helped popularize perpetual crypto derivatives.

Strategic Review Leads to BitMEX Closure

HDR Global Trading Limited owns and operates BitMEX. Its board decided to close the platform after assessing the company’s position and the broader industry. BitMEX did not identify one event as the sole reason for the decision. Instead, the company linked the move to its strategic review and changing market conditions.

The exchange will continue normal operations until the staged wind-down begins. Existing users can still trade and request withdrawals before the restrictions take effect. BitMEX has made staked BMEX tokens available in holder accounts. New users can no longer create accounts on the platform.

Trading Restrictions Start Before September Deadline

BitMEX will apply new risk limits from 04:00 UTC on August 26. Users will no longer open or increase positions after that time. They will only reduce existing exposure as the exchange prepares to close its markets. The company may also force close positions before the final deadline.

BitMEX said it may settle contracts early when liquidity is limited and affects orderly trading. The exchange will notify users before applying those procedures. It also warned traders that it will not cover losses linked to delayed position closures.

Withdrawals, Fees and Security Measures

BitMEX will stop providing exchange services after the September 23 deadline. Users who still hold funds can continue logging in to view balances and transaction records. They can also submit withdrawal requests after trading ends. The platform will keep holding assets until users complete withdrawals.

KYC-verified users who leave funds after the closure time will face a monthly account fee. BitMEX will charge either $50 in equivalent value or 1% per year, whichever amount is higher. The company may raise that fee later after giving advance notice.

The exchange expects fraud attempts to increase during the closure period. BitMEX told users to ignore messages that promise faster or priority withdrawals. It does not offer an expedited withdrawal service. The company will add more checks to withdrawal requests.

Network limits may also slow some transfers. Bitcoin confirmations can take close to an hour during busy periods, while address availability can create additional delays. BitMEX said requests marked as processing will remain queued until the platform sends them on-chain. Its proof-of-reserves data shows about $1.037 billion in crypto assets against roughly $1.016 billion in liabilities.

BitMEX Exits After Shaping Crypto Derivatives

Arthur Hayes, Ben Delo, and Samuel Reed founded BitMEX in 2014. The exchange built its name around professional crypto derivatives and high-leverage trading. BitMEX says it introduced the 100x leverage perpetual swap, a product that later spread across major crypto platforms. The company also says it never lost customer funds through a hack during its operating history.

BitMEX once ranked among the largest crypto derivatives exchanges. Binance and Bybit later captured more market share as competition increased. Hayes and his co-founders stepped down from executive roles after criminal charges were filed in the United States in 2020. An attempt to sell the exchange in 2025 did not produce an announced deal.

The shutdown closes BitMEX’s trading operations, but the company will keep withdrawal functions available. Users must manage open positions before the deadline to avoid forced closure. The exchange has asked customers to act early, verify all communications, and use official channels during the wind-down.