BitMEX said it will shut down its operations effective September 23, 2026 at 04:00:00 UTC, according to a post shared with users today. The owner and operator of the exchange, HDR Global Trading Limited, made the decision following a strategic review of the business.
"Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC," the company wrote.
The exchange has stopped all new account registrations with immediate effect.
BitMEX pointed to its record over more than a decade in business.
"We invented the 100x leverage perpetual swap, which for most of you, was the first step to your crypto trading journey," the company said. "It is now the most traded financial product in the crypto industry, adopted by thousands of users and exchanges." The exchange also said it maintained "a flawless track record of 0 customer funds lost to hacks in our entire operating history."
Dear BitMEX Users,
— BitMEX (@BitMEX) July 23, 2026
Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations… pic.twitter.com/oWuqlh547f
Users have been told their assets remain safe during the wind down period.
"We want to reassure you that your assets remain fully safe and under your control during this transition period," the company said, adding that the announcement window exists "to ensure a smooth withdrawal process for everyone."
Withdrawal timeline carries fees for late movers
BitMEX laid out a phased schedule for the closure. The exchange will operate normally until August 26 at 04:00:00 UTC, after which risk limits apply and users will only be able to reduce open positions rather than open new ones. From that date until the closure time, BitMEX said it will force close existing open positions "to ensure an orderly wind down of the market." Any positions still open at the closure time will be force closed immediately.
The company warned it takes no responsibility for trading losses tied to a user's inability to close positions during this window, and said early settlement procedures will apply to contracts trading with limited liquidity.
Users who fail to withdraw funds by the closure date face an ongoing cost. According to the announcement, KYC'd users who have not withdrawn their assets will be charged an account fee of USD 50 equivalent or 1% per annum, whichever is greater, billed monthly on the remaining balance. The company said failure to withdraw by the closure time means a user has agreed to that fee and to any future increases communicated in advance. BitMEX also said it has unstaked all staked BMEX Tokens on the platform, making them immediately available in holder accounts.
The exchange cautioned users to watch for scams during the transition. It warned of "phishing attempts using this news, or promising priority or accelerated withdrawals" and stated plainly that "no such expedited service is available." Additional review procedures will apply to withdrawal requests, and the company noted that certain blockchains, including Bitcoin, can carry confirmation times of up to an hour, which may slow processing from its fixed pool of addresses. BitMEX pointed to its Proof of Reserves and Liabilities page as evidence that assets exceed liabilities throughout the process.
Founders' legal history precedes the closure
BitMEX was founded in 2014 and has more than 2 million traders on its platform, according to the company's own figures. Its three co-founders, Benjamin Delo, Arthur Hayes and Samuel Reed, pleaded guilty in 2022 to failing to implement a Bank Secrecy Act compliant anti-money laundering program. Prosecutors had accused BitMEX and its founders of willfully violating the Bank Secrecy Act between 2015 and 2020 by failing to adopt anti-money laundering and know-your-customer programs. US President Donald Trump pardoned the three founders last year as part of a broader administration push toward looser crypto regulation.
Closure lands during a weak stretch for crypto prices
The shutdown announcement arrives as Bitcoin trades well below its previous highs. Bitcoin last traded at $65,676, down almost 50% from an all-time high of $126,223.18 reached in October last year. Crypto markets broadly have faced heightened volatility this year alongside persistent outflows from exchange-traded funds tracking digital assets.
Trump had courted crypto donors during his campaign and promised support for crypto firms during his second term. Slow progress on US crypto legislation and concerns over potential Bitcoin selling by digital asset treasury companies have weighed on investor sentiment since then, a backdrop against which one of the industry's longest-running derivatives platforms is now winding down.
Matvii Diadkov
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