BitMEX, the veteran cryptocurrency derivatives exchange, announced on July 23, 2026 that it will cease all trading operations on September 23 at 04:00 UTC. The decision follows a strategic review by owner HDR Global Trading Limited and marks the end of an 11-year run for the platform that pioneered the perpetual swap.
The exchange has already stopped accepting new account registrations. Trading will continue normally until August 26 at 04:00 UTC, after which the platform will become reduce-only — no new positions can be opened. Between August 26 and September 23, BitMEX may force-close outstanding positions to ensure an orderly wind-down, and any contracts remaining open at the final closure will be liquidated automatically.
Users are urged to close positions and withdraw assets before the deadline. After September 23, accounts will switch to withdrawal-only mode, but anyone leaving funds on the platform will be charged the greater of $50 per month or 1% annually, billed monthly. The exchange warned that withdrawal processing could be delayed due to heightened demand and blockchain network congestion.
BitMEX highlighted its record of never losing customer funds to a hack and said its reserves exceed liabilities. The shutdown comes weeks after a leadership overhaul, including the departure of the former CEO, CFO, and chief growth officer. The exchange had previously pleaded guilty to Bank Secrecy Act violations and paid a $100 million civil penalty to the CFTC in 2021, with an additional $100 million criminal fine imposed in January 2025. However, the closure is not directly attributed to those cases.
Founded by Arthur Hayes, Ben Delo and Samuel Reed in 2014, BitMEX introduced the 100x-leveraged perpetual swap in 2016, a product that now dominates crypto derivatives markets. Despite that legacy, the exchange’s daily volume had fallen to around $142 million at the time of the announcement, down from over $610 million cited in late 2024.
Customers are advised to download their account records and withdraw funds through official channels. The company warned of potential phishing campaigns and stressed that no priority withdrawal service exists.
