BitMEX to Shut Down on September 23 After Ending New Positions in August
Key Takeaways
- •BitMEX will cease all operations on September 23, 2026, at 04:00 UTC after parent company HDR Global Trading Limited approved the shutdown.
- •Trading restrictions take effect on August 26, after which users can only reduce existing positions and no new positions may be opened.
- •BMEX tokens have been unstaked and made available to holders, while verified users retaining assets post-closure face custody fees of at least $50 or 1% annually.
- •BitMEX launched in 2014, popularized perpetual swap derivatives offering up to 100x leverage, and reported no user funds lost to hacks across more than 11 years of operation.
- •Centralized perpetual futures volume declined 10% to $12.7 trillion in the second quarter while decentralized platforms like Hyperliquid gained market share, reflecting shifting competition in crypto derivatives.
BitMEX will close on September 23, 2026, at 04:00 UTC, ending operations for one of the cryptocurrency market’s longest-running derivatives exchanges.
According to an announcement published on Thursday, HDR Global Trading Limited approved the BitMEX shutdown after reviewing the business and the broader digital asset market. New account registrations have already been halted, while existing users may continue managing their accounts and positions during the transition period.
Trading Restrictions Begin on August 26
BitMEX said trading will continue as normal until August 26. After that date, users will no longer be able to open new positions and may only reduce existing positions. The exchange said it will then begin closing outstanding contracts in stages to limit disruption before the final shutdown deadline.
Any position that remains open at the time of closure will be closed automatically. Illiquid contracts may be settled earlier under existing exchange procedures. After the shutdown, account access will remain available for balance checks, transaction records and withdrawals.
The exchange has also unstaked all BMEX tokens, making them available to holders. Verified users who keep assets on the platform after the closure will be subject to custody charges. The fee will be at least $50 or 1% annually, charged monthly.
Closure Ends a Long-Running Crypto Derivatives Venue
BitMEX launched in 2014 and became known for helping popularize perpetual swaps, including products offering leverage of up to 100 times. Perpetual swaps are derivatives contracts without a fixed expiry date, making them a core product for crypto traders seeking leveraged exposure. The company says no user funds were lost through hacks during more than 11 years of operation.
The closure comes as competition in crypto derivatives has shifted. CoinGecko reported that centralized perpetual futures volume fell 10% to $12.7 trillion in the second quarter. At the same time, decentralized venues have taken on a larger role, including platforms such as Hyperliquid.
Users remain responsible for closing positions and withdrawing assets before September 23. BitMEX warned that enhanced withdrawal checks and blockchain confirmation delays could slow processing. The exchange also cautioned customers to watch for phishing messages related to the shutdown.
