One of the crypto industry’s oldest derivatives exchanges is preparing to close its doors.
BitMEX has announced it will permanently shut down its exchange on September 23, 2026, bringing an end to an 11-year run that helped shape the cryptocurrency derivatives market. The decision follows what the company described as a strategic review of both its business and the broader crypto industry.
The announcement was made on July 23 by HDR Global Trading Limited, the owner and operator of BitMEX. The company said it had made the decision with “a heavy heart” after reviewing its long-term direction.
Founded in 2014, BitMEX was among the first exchanges to popularise perpetual futures contracts and high-leverage crypto trading. Its introduction of the 100x leveraged perpetual swap became one of the industry’s most influential innovations, with similar products later adopted by many competing exchanges.
The exchange also built a reputation for security, stating that it had operated for more than 11 years without losing customer funds to a hack.
As part of the shutdown process, BitMEX has stopped accepting new account registrations with immediate effect. Existing users can continue trading for now, but the platform has outlined a timeline for winding down operations.
Beginning August 26, users will no longer be allowed to open new positions. Instead, they will only be able to reduce or close existing trades as the exchange gradually prepares for its final shutdown. BitMEX said it will also begin applying risk limits to support an orderly wind-down of the market.
Any trading positions that remain open when the exchange officially closes at 04:00 UTC on September 23 will be automatically closed by the platform.
Although trading services will end after the closure date, users will still be able to log into their accounts to view historical transactions and withdraw any remaining assets.
The company urged customers to close their positions and withdraw their funds as soon as possible rather than waiting until the final deadline.
BitMEX also confirmed that all staked BMEX tokens have already been unstaked and returned to users’ accounts, making them immediately available for withdrawal.
Users who fail to withdraw their assets after the exchange closes may face additional costs. According to the company, verified users who leave funds on the platform beyond the closure date will be charged a custody fee of $50 per month or 1% annually, whichever is higher, until the assets are withdrawn.
The exchange also warned customers to remain vigilant against phishing scams and fraudulent messages attempting to exploit the shutdown announcement. It stressed that no priority or expedited withdrawal services would be offered and advised users to rely only on official BitMEX communication channels.
BitMEX said it expects withdrawal requests to continue after the exchange closes and noted that additional security reviews may occasionally result in processing delays. However, the company maintained that customer assets remain fully backed and pointed users to its proof-of-reserves documentation.
The closure marks the end of one of the crypto industry’s pioneering exchanges. BitMEX played a significant role in the early growth of crypto derivatives trading and helped establish perpetual futures as one of the market’s most widely used products.
While the company did not provide specific financial reasons for the decision, it said the shutdown followed a comprehensive strategic review of its operations and the evolving digital asset industry.
In its farewell message, BitMEX thanked customers for supporting the platform over the past decade and expressed pride in the role it played in advancing crypto derivatives trading. The company also encouraged users to complete all necessary account actions well before the September 23 deadline.
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