BitMEX to Permanently Close Exchange on Sept. 23, 2026

BitMEX said it will permanently shut down its cryptocurrency exchange on September 23, 2026, bringing more than 11 years of operations to an end. The company said the decision follows a strategic review of its business and the broader crypto market. All exchange services will stop at 04:00 UTC on September 23, 2026. BitMEX has already halted new account registrations and is urging existing customers to close positions and withdraw funds ahead of the deadline. In an official statement, BitMEX said its parent company, HDR Global Trading Limited, made the decision after completing the review. The firm said the move was difficult and "has not been taken lightly." Founded in 2014 by Arthur Hayes, BitMEX became an early leader in crypto derivatives. At its peak from 2018 to 2020, it processed roughly $3 billion to $5 billion in daily trading volume, and annual volume often exceeded $1 trillion during strong bull markets. The company did not point to financial distress or a specific regulatory trigger as the reason for closing, describing the outcome as the result of a broader strategic assessment. The exchange has steadily lost market share as larger competitors expanded. BitMEX has also faced U.S. scrutiny: the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) accused it of operating an illegal, unregistered derivatives platform, a backdrop that has made it harder to reclaim its prior standing. On customer safety, BitMEX said client funds remain fully protected, noting its assets exceed liabilities and stating it has never lost customer funds to hacks. "We want to reassure you that your assets remain fully safe and under your control during this transition period," the exchange said. The company added that multiple attempts to sell the business were unsuccessful before the board opted to wind down. BitMEX outlined the following user timeline: - July 23: New account registrations have already stopped. - August 26: Users will no longer be able to open new positions; only position reductions will be permitted. - September 23 at 04:00 UTC: The exchange will shut down permanently, and any remaining open positions will be automatically closed. The company also said all previously staked BMEX tokens have already been unstaked and credited back to user accounts. BitMEX warned that customers who complete KYC but leave assets on the platform after the closure date will be charged an ongoing custody fee. The monthly charge will be the higher of $50 (or equivalent) or 1% per year on the remaining balance, assessed monthly. The exchange said the fee could rise in the future if funds remain on the platform. BitMEX also cautioned that withdrawals may slow as shutdown approaches due to higher request volumes and additional security checks. It added that blockchain confirmation times—particularly on Bitcoin—could contribute to delays, while reiterating that customer assets remain fully backed via its proof of reserves and liabilities.