BitMEX will shut down on September 23, 2026, at 04:00 UTC, ending an 11-year run as one of crypto's most recognizable derivatives exchanges. The Seychelles-based platform stopped accepting new account registrations immediately after the announcement and told existing users to close positions and withdraw funds well before the deadline.
The wind-down follows a phased schedule. Starting August 26 at 04:00 UTC, the exchange will block any new positions and permit only trade reductions. After that point, any trades still open will be force-closed automatically. As the company put it in its blog post, BitMEX "takes no responsibility for any trading losses that result from users' inability to close their positions between now and the Closure Time."
Verified users who miss the withdrawal deadline face a monthly fee: the higher of $50 equivalent or 1% per year of the remaining balance. The exchange also unstaked all BMEX token holdings and returned them to user accounts, and it warned traders to watch out for scams exploiting the closure news.
A legal shadow over 11 years of operation
According to the board of HDR Global Trading Limited, which owns the exchange, the decision came after a strategic review of the business and the broader crypto industry. The team noted that BitMEX never lost user funds to a hack across its entire operating history, a record it said sets it apart from many peers.
That track record, however, sits alongside a significant legal history. Founders Arthur Hayes, Ben Delo, and Samuel Reed pleaded guilty in 2022 to Bank Secrecy Act violations for failing to maintain an anti-money laundering program. The company itself pleaded guilty in July 2024, was fined $100 million, and received two years of probation in January 2025. President Trump pardoned the company, its three founders, and former executive Gregory Dwyer in March 2025.
This article is for informational purposes only and does not constitute financial advice.
