BitMEX, the crypto derivatives exchange that pioneered the perpetual swap, has announced it will close its doors after more than 11 years in operation.
The shutdown will take effect on 23 September 2026 at 04:00 UTC, referred to as the Closure Time. New account registrations have already been halted with immediate effect.
Why BitMEX is closing
The board of HDR Global Trading Limited, owner and operator of BitMEX, said the decision followed a strategic review of the business and the broader crypto industry.
The company reflected on its origins:
“When BitMEX started in 2014, our mission was simple: provide access to professional-grade crypto derivatives for everyone. BitMEX invented the 100x leverage perpetual swap, the most traded product in the crypto industry.”
BitMEX also noted that it experienced zero funds lost to hacks throughout its entire operating history.
What it means for users
Users are strongly encouraged to close open positions and withdraw funds as soon as possible.
Risk limits will apply from 26 August at 04:00 UTC, preventing users from opening new positions, though they can still reduce existing ones. Any positions still open at the Closure Time will be force closed.
All staked BMEX Tokens have been unstaked and are immediately available in holder accounts.
KYC’d users who fail to withdraw assets by the Closure Time will be charged an account fee of USD 50 equivalent or 1% per annum, whichever is greater, billed monthly on the remaining balance.
Warning against scams
The company cautioned users to stay alert for phishing attempts exploiting the news, noting that no expedited withdrawal service exists.
BitMEX said it would deploy additional review procedures on all withdrawals, warning that certain blockchains like Bitcoin can carry long confirmation times that may delay processing.
