BitMEX will permanently close its cryptocurrency exchange on September 23, 2026, ending more than 11 years of operations. The company said the decision followed a strategic review of its business and the broader crypto industry, marking the end of one of the earliest crypto derivatives platforms.
BitMEX announced that all exchange services will cease at 04:00 UTC on September 23, 2026. The platform has already stopped accepting new account registrations, and users are being urged to close their positions and withdraw their funds before the deadline.
BitMEX to Shut Down on September 23
In an official announcement, BitMEX said its parent company, HDR Global Trading Limited, decided to close the exchange after completing a strategic review of the business.
The platform has already stopped accepting new user registrations. Existing users are being urged to close all trading positions and withdraw their assets before the final shutdown.
“Following a strategic review of the business and the broader crypto industry, the board… has decided to close the exchange.”
BitMEX acknowledged the decision was difficult.
“This comes with a heavy heart for all of us at the company and has not been taken lightly.”
Why Is BitMEX Closing?
BitMEX was founded in 2014 by Arthur Hayes and quickly became the biggest crypto derivatives exchange in the market. At its peak between 2018 and 2020, BitMEX processed $3 billion to $5 billion in daily trading volume, and annual trading volume regularly exceeded $1 trillion during strong bull markets.
The company did not cite financial difficulties or regulatory action as the reason for the closure. Instead, it described the move as the outcome of a broader strategic assessment.
However, the exchange gradually lost market share as larger competitors entered the market.
Along with this, the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) accused BitMEX of operating an illegal, unregistered derivatives platform. This makes it difficult to regain its earlier position.
Are Users Funds Safe?
BitMEX said customer funds remain fully safe and confirmed that its assets exceed its liabilities. The company also highlighted that it has never lost customer funds to hacks throughout its operating history.
The exchange said,
“We want to reassure you that your assets remain fully safe and under your control during this transition period.”
According to the company, several attempts to sell the business were unsuccessful before the board decided to wind down operations.
What BitMEX Users Need to Do Next?
BitMEX has released a clear timeline for users:
- July 23: New account registrations have already stopped.
- August 26: Users can no longer open new positions. Only position reductions will be allowed.
- September 23 at 04:00 UTC: BitMEX will permanently shut down, and any remaining open positions will be automatically closed.
The company also confirmed that all previously staked BMEX tokens have already been unstaked and credited back to user accounts.
Fees for Funds Left on the Platform
Users who complete KYC but leave assets on BitMEX after the closure date will face an ongoing custody fee.
The exchange said it will charge the higher of:
- $50 per month (or equivalent), or
- 1% per year on the remaining account balance,
with the fee applied monthly. BitMEX also warned that these charges could increase in the future if users continue leaving assets on the platform after the closure.
Withdrawal Delays Possible
BitMEX said it expects withdrawal requests to increase as the closure date approaches and warned that additional security checks could slow processing times. The exchange noted that blockchain confirmation times, particularly on Bitcoin, may also cause delays. However, it stressed that customer assets remain fully backed, citing its proof of reserves and liabilities.