Image Credit: Shutterstock
Cryptocurrency derivatives exchange BitMEX will permanently shut down on September 23, 2026, at 04:00 UTC after more than 11 years of operation. Parent company HDR Global Trading decided to close the platform following a review of the business and the wider crypto industry.
New account registrations have already stopped, while existing users have been told to close positions and withdraw their funds.
BitMEX to Restrict Trading From August 26
BitMEX will continue operating normally until August 26 at 04:00 UTC. From that point, users will only be allowed to reduce existing positions, and they will not be able to open new ones.
The exchange will then start closing remaining positions before the final shutdown. Any positions still open at the September 23 deadline will be force-closed, while contracts with low trading activity may be settled early. BitMEX said:
“We strongly encourage all users to close open positions and withdraw their funds as soon as practical.”
Users will still be able to log in after the shutdown to view balances, check transaction records, and request withdrawals.
Funds Left After September 23 Will Face $50 Fee or a 1% Annual Fee
Users who keep assets on the platform after the closure will still be able to withdraw them. However, verified users who miss the deadline will be charged $50 or 1% per year, whichever amount is higher, with the fee collected monthly.
BitMEX also warned customers about phishing attempts that may promise faster or priority withdrawals. The exchange does not offer an expedited withdrawal service. Extra security checks may also delay some requests during periods of heavy activity.
The company said its assets exceed customer liabilities based on its proof-of-reserves and liabilities records. BitMEX also stated that no customer funds had been lost through hacks during its operating history.
BitMEX Closure Ends More Than 11 Years of Trading
BitMEX was founded in 2014 by Arthur Hayes, Benjamin Delo and Samuel Reed. The platform became known for crypto derivatives and popularized high-leverage perpetual swap contracts.
The exchange now accounts for less than 0.01% of the crypto exchange market and records about $400,000 in daily trading volume. Analyst Thomas Probst said the shutdown would likely have a limited effect on the wider market because BitMEX’s current share is small.
The closure comes after several senior executives left in June. CEO Stephan Lutz, Chief Financial Officer Ina Steiner and Chief Growth Officer Raphael Polansky departed the company. Former general counsel and operating chief Peter Wilkinson then took over as CEO.
