BitMEX formally ended exchange operations at 04:00 UTC on September 23, 2026, closing more than 11 years of trading history after a phased wind-down that removed spot, conversion, and derivatives markets. The shutdown was approved by owner and operator HDR Global Trading Limited following a strategic review and a failed attempt to sell the business.
The exchange had already settled major Bitcoin and Ethereum derivatives on September 16, stopped all remaining spot pairs on September 21, and ended its Convert service on September 22. Any positions still open at the closure time were force-closed using relevant settlement prices or indexes under standard procedures.
Customers can still access a limited post-closure website to check balances, view transaction histories, and withdraw funds. However, deposits sent after the deadline may not be credited and could be unrecoverable. Verified accounts with remaining balances face a monthly charge based on the higher of $50 or an annual rate of 1%. API withdrawals remain available until 04:00 UTC on September 28, after which the website becomes the main withdrawal channel. BitMEX also said withdrawals of USDT, USDC, and ETH will be limited to the Ethereum network from that date.
Before the closure, BitMEX reportedly spent about two years exploring a sale, seeking a valuation near $1 billion. Rival exchanges and wallet company Exodus were linked to discussions, with Broadhaven Capital Partners reportedly advising. The talks ended without agreement, while futures volume fell from more than $100 billion a month in parts of 2021 to between $25 billion and $30 billion by late 2024. Kaiko data cited at the time of the announcement showed daily trading volume around $400,000 and market share below 0.01%, making the exit unlikely to have a major market effect.
BitMEX played a historic role in popularizing perpetual swaps through its XBTUSD contract, which uses recurring funding payments to track the underlying asset. The company said customer assets remain fully backed and no customer funds were lost to hacks during its operation. It also warned users to be alert for phishing attempts and stressed it does not offer priority withdrawals.
Legal issues remain in the background. HDR Global Trading pleaded guilty to Bank Secrecy Act violations and received a $100 million penalty in January 2025, though President Donald Trump later pardoned founders Arthur Hayes, Ben Delo, Samuel Reed, former executive Gregory Dwyer, and the corporate entity. Separately, the Celsius bankruptcy estate sued BitMEX entities on September 12 over March 2020 liquidations, seeking the return of 6,360.17 Bitcoin valued at about $495 million.
