BitMEX has announced it will permanently shut down its cryptocurrency exchange on Sept. 23, 2026, at 04:00 UTC, following the completion of a strategic business review by HDR Global Trading Limited. The exchange has already halted new account registrations and is urging existing users to close their positions and withdraw all assets before the scheduled closure.

The shutdown marks the planned end of a platform long associated with crypto derivatives trading, including leveraged perpetual contracts. For users, the key operational issue is the transition from normal exchange access to staged trading limits, automatic position closures, and eventual withdrawal-only account access.

The company stated that customer assets remain fully backed throughout the wind-down process, with reserves continuing to exceed liabilities under its Proof of Reserves and Liabilities framework.

Position Deadlines Ahead of Closure

Exchange services will remain available until the Sept. 23 shutdown, though trading restrictions will be phased in beforehand. Beginning Aug. 26 at 04:00 UTC, users will no longer be able to open new positions. Existing users may reduce their positions before the exchange begins force-closing remaining trades.

BitMEX confirmed that any positions still open at closure time will be automatically closed. Contracts with limited liquidity will be subject to early settlement procedures in accordance with the platform's existing policies, making the timing of position management especially relevant for users holding less actively traded products.

The company has also unstaked all BMEX tokens, making them immediately available in user accounts.

Withdrawals and Security Measures

BitMEX encouraged customers to withdraw their assets as soon as practical. Even after operations cease, users will retain access to account balances and transaction history to complete withdrawals.

As the shutdown date approaches, the exchange said it will implement additional withdrawal reviews to protect users from phishing attempts and fraudulent activity. BitMEX warned that no priority withdrawal service exists and urged users to disregard any claims to the contrary.

The company also noted that blockchain confirmation times, particularly on the Bitcoin network, could result in withdrawal delays during periods of high demand. Despite this, BitMEX reiterated that user funds remain safe.

KYC-verified users who leave funds on the platform after Sept. 23 will be subject to a monthly account fee equal to the greater of $50 or 1% annually of the remaining balance.

CZ Reflects on BitMEX's Legacy

Following the announcement, Binance founder Changpeng Zhao, commonly known as CZ, reflected on BitMEX's place in crypto industry history. He noted that the exchange pioneered 100x perpetual contracts in 2014 and maintained a record of zero customer funds lost to hacks.

CZ also referenced the guilty pleas by BitMEX founders to Bank Secrecy Act violations, for which they received fines and home confinement. He described the exchange's wind-down as orderly and acknowledged co-founder Arthur Hayes, while noting that users retain the ability to withdraw their assets.

Source: BitMEX official announcement