BitMEX to Shut Down All Operations on September 23 After 11 Years
BitMEX, the crypto exchange that invented the perpetual swap, is closing for good — here's what users need to do before the deadline.
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BitMEX announced the closure of its exchange, which will take effect on 23 September 2026 at 04:00:00 UTC. The exchange was co-founded by Arthur Hayes, and the decision follows a strategic review by owner HDR Global Trading Limited. With immediate effect, the platform has stopped all new account registrations.
Hardware wallets compared: keep your coins yourselfWhy is BitMEX shutting down?
Following a strategic review of the business and the broader crypto industry, the board of HDR Global Trading Limited, owner and operator of BitMEX, decided to close the exchange. The company did not cite financial difficulties or regulatory action as the reason, describing the move instead as the outcome of a broader strategic assessment. BitMEX also did not disclose what the review found, or whether the sale process that began last year produced a bidder.
BitMEX was one of the pioneers of crypto derivatives trading and helped popularize perpetual swap contracts — a product that lets traders speculate on asset prices without expiration dates. The team noted it invented the 100x leverage perpetual swap, now the most traded product in the crypto industry.
What happens to my funds?
BitMEX told users their assets remain fully safe and under their control during the transition period. The exchange said assets exceed liabilities per its Proof of Reserves and Liabilities page, and that it lost zero customer funds to hacks across its full operating history.
Users are urged to close all positions and withdraw funds well before the deadline. KYC-verified users who fail to withdraw before the shutdown will incur an account management fee of $50 per month or 1% of the balance, whichever is higher.
Crypto brokers compared: find a new venueWhat is the wind-down timeline?
The exchange will continue operating normally until late August before gradually winding down. Starting August 26 at 04:00 UTC, users will no longer be able to open new positions and will only be allowed to reduce or close existing trades. The exchange will force-close remaining open positions ahead of the shutdown to wind down the market in an orderly fashion, and anything still open at the closure time will be force-closed immediately.
BitMEX also confirmed it has unstaked all BMEX tokens held in staking, making them immediately available to holders.
What should users watch out for?
BitMEX warned users of potential phishing scams related to the closure and noted that withdrawal processing may face delays due to blockchain confirmation times. The main challenge the exchange faces is offramping user assets into fiat, as network congestion on the Bitcoin blockchain could cause significant withdrawal delays.
The closure comes amid a shifting competitive landscape. Centralized exchange perpetual futures volume fell 10% to $12.7 trillion in Q2 2026, while decentralized alternatives such as Hyperliquid rose to become the second-largest perpetuals exchange by open interest, behind Binance.
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