Summary
- BitMEX, a notable crypto derivatives exchange, announced it will shut down on September 23, 2026, and has already ceased new account registrations.
- The decision followed a strategic review of both the company and the broader cryptocurrency landscape.
- Users have been advised to close any open positions and withdraw their funds before the closure date.
BitMEX, recognized as one of the pioneering platforms in crypto derivatives trading, is set to close its operations.
According to HDR Global Trading, the company behind BitMEX, the exchange will halt all activities on September 23 at 04:00 UTC, attributing the closure to a “strategic review of the business and the broader industry.” The platform has already stopped accepting new registrations, a decision BitMEX expressed was made with great sadness.
Dear BitMEX Users,
It is with a heavy heart that we announce the closure of the BitMEX exchange, effective September 23, 2026, at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has faced the tough choice to cease operations… pic.twitter.com/oWuqlh547f
— BitMEX (@BitMEX) July 23, 2026
Users have a two-month window to withdraw their funds. Trading will proceed as usual until August 26, after which BitMEX will no longer allow new positions and will restrict traders to only reducing existing ones. The platform will then begin to automatically close open positions to ensure an orderly market exit, with any positions remaining at the closure time being liquidated. Users can still log in to withdraw their balances post-closure, but those who leave funds on the platform will incur a monthly fee.
Established in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX pioneered many trading practices still in use today. It introduced the perpetual swap in May 2016, a futures contract with no expiration that offered leverage up to 100x. In 2025, trading volumes for crypto perpetual contracts reached $61.7 trillion, according to CryptoQuant, marking an increase of $13.8 trillion from the previous year. Notably, BitMEX has maintained a record of over 11 years without any user funds being compromised in a hack, a significant claim in a year marked by major security breaches.
However, BitMEX's recent history has been tumultuous. In 2024, it admitted guilt regarding violations of the Bank Secrecy Act due to insufficient anti-money laundering measures, resulting in a $100 million fine. In March 2025, U.S. President Donald Trump pardoned Hayes and his co-founders, effectively nullifying the criminal charges that had troubled the exchange for several years. BitMEX encouraged its users to explore “the many excellent platforms that have followed in our footsteps.”