Founded in 2014 by Arthur Hayes, BitMEX revolutionized the crypto sector with the introduction of the 100x leverage perpetual swap.
By Olivier Acuna|Edited by Omkar Godbole Jul 23, 2026, 8:42 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on BitMEX has informed its users of its plan to wind down operations following a thorough assessment by its parent company. (BitMEX/ Media)SummaryShow- BitMEX, known for its 100x leverage perpetual swap, will cease operations on September 23, 2026, and is advising users to promptly close their positions and withdraw funds.
- The exchange has stopped new account registrations and will forcibly close open contracts before its final shutdown.
- Users who do not withdraw by the deadline will incur maintenance fees.
BitMEX, the exchange that transformed the crypto derivatives landscape with its introduction of the perpetual swap, announced on Thursday that it will terminate operations on September 23, 2026.
“It is with a heavy heart that we announce the closure of BitMEX exchange, effective September 23, 2026, at 04:00:00 UTC,” the platform communicated to its users. “We urge all users to close their positions and withdraw their funds at their earliest convenience.”
For those who do not withdraw their assets by the set deadline, the exchange will impose automatic fees, charging $50 monthly or an annualized 1% on their assets, as detailed in an email to account holders.
The decision to shut down follows years of losing market share to more agile centralized competitors and a growing number of decentralized derivatives platforms, as liquidity, market makers, and significant investors have shifted to venues offering deeper liquidity, more trading options, and fewer legal issues.
All new account registrations have been immediately suspended after a strategic review by HDR Global Trading Limited, BitMEX’s parent company. This closure concludes an 11-year journey for the Seychelles-based exchange, which began operations in 2014 and set the groundwork for contemporary digital asset derivatives trading.
The wind-down process will necessitate an immediate risk reduction across the platform; while regular trading will continue for a few weeks, strict limits will be enforced starting August 26 to prevent users from opening new positions. Between this date and the final deadline in September, the exchange will systematically close all remaining open contracts to ensure an orderly shutdown.
A major challenge for BitMEX will be facilitating the conversion of user assets into fiat currencies, as network congestion on the Bitcoin blockchain may lead to withdrawal delays. Nevertheless, the company’s current proof of reserves confirms that their liabilities are fully covered by customer assets.
This closure marks the end of an 11-year era for the derivatives trading platform, which has maintained a strong security track record, having never lost user funds to hacks or smart contract failures, despite facing numerous regulatory challenges globally.
The announcement comes just three weeks after BitMEX experienced a leadership shakeup, losing its CEO, CFO, and head of growth.
Co-founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, BitMEX faced allegations of inadequate anti-money laundering protocols in 2020 and eventually pleaded guilty to those charges. Hayes, Delo, and Reed resigned shortly after the U.S. government brought criminal charges against them.
At its height in 2019, the exchange recorded over $1 trillion in annual trading volume, capturing around 57% of the global crypto derivatives market share. Daily trading volumes peaked at $8 billion in July 2018, breaking industry records as daily turnover surpassed 1 million bitcoin (valued over $8 billion at that time).
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