BitMEX, the crypto derivatives exchange known for introducing the perpetual contract, said it will formally cease operations at 04:00 UTC on Sept. 23, 2026, bringing its 11-year history to an end.
In a notice to users, parent company HDR Global Trading said: “We announce with a heavy heart that BitMEX will officially cease operations at 04:00 UTC on September 23, 2026. We strongly advise all users to close their positions as soon as possible and withdraw their assets early.”
BitMEX said users who fail to withdraw assets before the deadline will be charged custody fees of $50 per month or 1% of asset value per year.
New registrations halted, new positions banned from Aug. 26
The exchange said it decided to wind down the business after HDR Global Trading Limited completed a strategic review. It has already stopped all new account registrations.
BitMEX said it will activate a risk-reduction process to ensure an orderly market closure. Users will still be able to trade in the coming weeks, but open risk will be reduced over time until all derivatives contracts are settled.
Starting on Aug. 26, the platform will impose stricter limits and fully ban users from opening new positions. Before the Sept. 23 shutdown, BitMEX will also force-close any outstanding contracts in stages.
A pioneer founded in 2014
BitMEX was founded in 2014 in Seychelles by Arthur Hayes, Ben Delo and Samuel Reed. The exchange is widely regarded as one of the platforms that laid the groundwork for modern digital-asset derivatives trading.
According to the report, BitMEX surpassed $1 trillion in annual trading volume during the 2019 bull market and once captured nearly 57% of the global crypto derivatives market.
In July 2018, the exchange’s daily trading volume topped $8 billion, setting a record for one-day turnover of 1 million BTC.
Pressure from rivals and regulators
The report said BitMEX’s decline had been visible for years. Market liquidity, market makers and large investors have gradually shifted toward centralized exchanges with deeper liquidity, broader product listings and lighter regulatory burdens, as well as newer decentralized derivatives platforms. As a result, BitMEX lost ground to competitors.
In 2020, U.S. authorities charged BitMEX with failing to implement anti-money laundering measures. BitMEX later admitted the allegations, and its three co-founders resigned after criminal proceedings were filed in the United States.
Exchange says reserves fully cover user deposits
As the shutdown process moves ahead, one of the biggest operational challenges is how to help users withdraw assets and convert them into fiat currency. The report noted that congestion on the Bitcoin blockchain could lead to substantial delays in processing withdrawals.
Still, based on the latest proof of reserves, BitMEX said platform assets remain sufficient to fully cover all user deposits.
The report also said that despite years of enforcement actions from regulators in multiple jurisdictions, BitMEX has not recorded user losses caused by hacks or smart contract vulnerabilities.