Cryptocurrency exchange BitMEX has announced it will shut down on September 23, 2026, at 04:00 UTC, bringing an end to more than 11 years of operation.

The company shared the news on Thursday, stating that the decision followed a strategic review of the business and the broader crypto industry. The board of HDR Global Trading Limited, the owner and operator of BitMEX, made the closure decision.

The Seychelles-based exchange has already halted all new account registrations. It is instructing users to close their positions and withdraw their funds well ahead of the closure deadline. For existing customers, the practical deadline begins earlier than the final shutdown date, because trading functionality will be restricted before the platform fully closes.

Phased Wind-Down Process

BitMEX has outlined a phased wind-down schedule leading up to the final closure date. Beginning August 26 at 04:00 UTC, the platform will block the opening of any new positions and will only permit position reductions.

The exchange will subsequently force-close any remaining open trades, and any positions still open at the time of final closure will be automatically closed.

"All users are on notice that BitMEX may force close positions as described above at its sole discretion, and takes no responsibility for any trading losses that result from users' inability to close their positions between now and the Closure Time," the official blog post stated.

Fees on Unwithdrawn Balances

Users who have completed Know Your Customer (KYC) verification but fail to withdraw their assets before the closure deadline will be subject to a monthly fee. The fee will be set at whichever amount is higher: a $50 equivalent or 1% per year of the remaining account balance.

BitMEX has also unstaked all BMEX Token (BMEX) holdings and returned them to user accounts. The exchange further warned traders to remain vigilant against scams associated with the closure news, a common risk during exchange wind-downs because users may be seeking withdrawal instructions or account support.

Dear BitMEX Users, Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC. The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations… — BitMEX (@BitMEX) July 23, 2026

A Pioneer of Crypto Derivatives Winds Down

The board of HDR Global Trading Limited decided to close the exchange after a "strategic review of the business and the broader crypto industry."

"We continue to take pride in our robust security posture, which, unlike many of our peers, has resulted in BitMEX experiencing zero funds lost to hacks during its entire operating history of over 11 years," the team added.

The shutdown closes a long-running chapter for one of the better-known crypto derivatives venues. BitMEX's wind-down also puts focus on operational procedures that matter when exchanges exit the market, including position closeout timelines, withdrawal access, token unstaking, and treatment of dormant balances.

Legal History

Despite its security record, BitMEX has carried a significant legal burden. Founders Arthur Hayes, Ben Delo, and Samuel Reed pleaded guilty in 2022 to Bank Secrecy Act violations for "willfully failing to establish, implement, and maintain an anti-money laundering program at BitMEX."

The company itself pleaded guilty in July 2024. BitMEX was fined $100 million and ordered to serve two years of probation in January 2025.

In March 2025, President Trump pardoned the company, its three founders, and former executive Gregory Dwyer.