BitMEX will permanently shut down its exchange on Sept. 23 and is telling users to close positions and withdraw funds before the deadline, according to a notice posted Thursday on the company’s official X account and blog.
Owner and operator HDR Global Trading Limited said the move followed a strategic review of the business. BitMEX said it “strongly encourage[s] all users to close their positions and withdraw their funds as soon as convenient,” adding that user assets “remain fully safe and under your control during this transition period.”
Shutdown timeline
Beginning Aug. 26, the exchange will impose risk limits that block new positions and allow only reduce-only trades. BitMEX said any positions still open ahead of the shutdown will be force-closed, and any position that remains open at the time of closure will be closed immediately.
New account registrations were stopped on the same day the announcement was made. After the exchange closes, users will still be able to log in and withdraw funds.
Fees for balances left after closure
BitMEX said KYC’d users who fail to withdraw by the closure time will be charged a monthly account fee on remaining balances. The fee will be the greater of $50 equivalent per month or 1% per annum.
Company history and market reaction
In its notice, BitMEX said it invented the 100x leverage perpetual swap, which it described as “now the most traded financial product in the crypto industry.” The exchange also pointed to an operating history of more than 11 years.
Arthur Hayes co-founded BitMEX in 2014. Hayes wrote that he was “so proud of what we created and that we will shutdown responsibly on our own terms.”
The BMEX token dropped sharply after the announcement. According to CoinGecko, it was down roughly 91% over 24 hours, putting its circulating market capitalization near $540,000.
Sale process and legal backdrop
BitMEX had been looking for a buyer since February 2025, when it retained Broadhaven Capital Partners to run a sale process. The company did not say whether that process resulted in a bidder.
The report also referenced BitMEX’s legal troubles. The exchange pleaded guilty in 2024 to violating the Bank Secrecy Act over an inadequate anti-money laundering program and was hit with an additional $100 million fine in January 2025. President Donald Trump pardoned the co-founders in March 2025.