BitMEX announces complete shutdown after 11 years on the market

Legendary platform for trading cryptocurrency derivatives BitMEX announced the complete termination of operations with September 23, 2026. Registration of new accounts is already blocked, and users are advised to immediately withdraw assets. The decision to close was taken by parent company HDR Global Trading Limited as part of a review of its business strategy.

Closing schedule and penalties for non-withdrawal of funds

The closure of BitMEX business will take place in several stages:

• Current status: Registration of new users is closed. Normal trading will continue for a few more weeks.
• August 26, 2026: On the platform, strict restrictions are introduced – the function of opening new positions will become unavailable.
• From August 26 to September 23: The platform will forcibly close the remaining transactions of users for the final stop of trading.
• September 23, 2026: Full shutdown of the exchange.

Users who do not have time to withdraw funds before the deadline will face financial sanctions. For maintenance of the account from them will be charged a commission in the amount $50 a month or 1% of annual assets.

When withdrawing funds to fiat, delays are possible due to the overload of the Bitcoin network. At the same time, according to current reports on the Proof of Reserves, all BitMEX obligations to customers are covered by 100%.

Causes of departure and staffing crisis

The main reason for the closure was the long-term loss of positions in the segment of indefinite futures. Large traders, liquidity, and market makers have gradually shifted to alternative centralized (CEX) and decentralized (DEX) platforms offering more listings, deep glasses, and less legal risk.

In addition, three weeks before the announcement of the closure, three key top managers left the company simultaneously: CEO, CFO and head of growth.

The legacy and performance of BitMEX

The company was founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed and incorporated in the Seychelles. It was BitMEX that created and popularized the industry’s first perpetual swap with leverage up to 100x.

• Records: At the peak in 2019, the annual turnover of the exchange exceeded $1 trillionIts share in the global crypto derivatives market was about 57%. In July 2018, the daily trading volume set a historic industry record, exceeding $8 billion (more than 1 million BTC per day).
• Safety: In 11 years of operation, the platform has never lost user funds due to hacks or technical exploits.
• Problem with the law: In 2020, U.S. authorities filed criminal charges against the founders for violating anti-money laundering (AML) laws. Hayes, Delo and Reed resigned, and later the company pleaded guilty to the charges.