BitMEX to Close After 11 Years; Trading to End Sept. 23, 2026

BitMEX, one of the earliest crypto-derivatives exchanges, will wind down and shut its trading venue following an internal strategic review, the company said. Owner and operator HDR Global Trading Limited stated that all trading will stop at 04:00 UTC on Sept. 23, 2026, ending an 11-year run. Timeline and trading restrictions BitMEX has already suspended new account registrations. Trading will continue until the Sept. 23, 2026 deadline, with a staged set of restrictions designed to reduce risk and close markets in an orderly fashion. Starting at 04:00 UTC on Aug. 26, traders will no longer be able to open new positions; only position reductions will be permitted. In the weeks that follow, BitMEX will progressively force-close remaining open positions. Any positions still open at the time the exchange closes will be liquidated automatically. BitMEX also noted that low-liquidity contracts may be settled early under existing settlement procedures, with advance notice provided to affected users. Access after trading ends After trading stops, customers will still be able to log in to view wallet balances and transaction history, and to withdraw remaining assets. Customer funds, reserves and post-close fees BitMEX said customer assets remain under user control during the transition and pointed to its Proof of Reserves and Liabilities, stating reserves exceed customer liabilities. The exchange urged users to close positions and withdraw funds ahead of the shutdown. Users who keep funds on the platform after Sept. 23 will still be able to withdraw, but will be charged the greater of a $50-per-month equivalent or 1% per year, deducted monthly. BitMEX warned these charges could increase with prior notice if balances remain on the platform. The company also flagged potential withdrawal-processing delays amid elevated demand and blockchain confirmation times, particularly for Bitcoin, and said it will introduce additional withdrawal reviews during the winddown. BitMEX cautioned users to watch for phishing and scams tied to the closure announcement, emphasizing that there is no "priority withdrawal" service. Background Founded in 2014, BitMEX helped popularize high-leverage perpetual swaps, including a 100x leveraged perpetual contract that later became widely traded across derivatives venues. The company highlighted more than 11 years without customer funds lost to hacks, positioning security as a core attribute. BitMEX's history also includes major regulatory and leadership changes. Founders Arthur Hayes, Ben Delo and Samuel Reed stepped down in 2020 amid U.S. allegations related to inadequate anti-money-laundering controls, charges to which BitMEX later pleaded guilty. Alexander Höptner became CEO in 2021, followed by Stephan Lutz in 2022. This month, BitMEX disclosed another leadership reshuffle: former CEO Stephan Lutz, CFO Ina Steiner and chief growth officer Raphael Polansky departed, and former global general counsel and COO Peter Wilkinson became CEO. Media reports at the time said the moves were part of a reorganization as the company explored a potential sale. Market implications As an early and influential venue in crypto derivatives, BitMEX played a key role in making perpetual futures a market standard. Its closure is likely to prompt traders to shift liquidity and open interest to competing platforms. User checklist Users are advised to close positions and withdraw assets before Sept. 23, 2026 to avoid forced liquidations and potential fees. They should also remain alert to fraudsters offering faster withdrawals, as BitMEX says no such service exists, and follow official exchange communications for updates on forced settlements and withdrawal processing.