BitMEX will permanently close its cryptocurrency exchange at 04:00 UTC on September 23, ending an 11-year run for the platform that pioneered perpetual swaps and helped build crypto’s leveraged derivatives market.
The exchange stopped accepting new registrations immediately after HDR Global Trading, its owner and operator, completed a strategic review of the business and the wider crypto market. Existing customers can continue trading during the initial wind-down period but have been urged to close positions and withdraw their assets.
Risk limits will take effect at 04:00 UTC on August 26, blocking users from opening new positions while allowing them to reduce existing exposure. BitMEX will begin force-closing remaining positions between that date and the final shutdown, with any contracts still open on September 23 closed immediately. Contracts with limited liquidity may be settled early.
Customers will retain access to wallet balances, transaction histories and withdrawals after trading ends. KYC-verified users who leave assets on the platform beyond the closure will be charged $50 or 1% annually, whichever is higher, with the fee collected monthly.
Perpetual Swap Pioneer Ends 11-Year Run
Arthur Hayes, Ben Delo and Samuel Reed founded BitMEX in 2014 as a Bitcoin derivatives venue. The exchange launched its XBTUSD perpetual swap in May 2016, creating a leveraged futures-style contract without an expiry date and using regular funding payments to keep its price near the underlying spot market.
The product became the template for modern crypto perpetuals. XBTUSD had processed more than $3 trillion in cumulative volume by May 2021, while versions of the contract spread across major centralized and decentralized exchanges.
BitMEX once ranked among the world’s dominant crypto derivatives platforms, driven by Bitcoin-settled contracts and leverage of up to 100 times. Its position weakened as perpetual trading shifted toward larger rivals and newer onchain venues.
The closure follows a June management overhaul in which BitMEX replaced CEO Stephan Lutz after three senior executives departed. Former general counsel and operating chief Peter Wilkinson took over as CEO weeks before the shutdown notice.
Sale Process Ends Without Announced Deal
BitMEX appointed investment bank Broadhaven Capital Partners in late 2024 to seek a buyer for the exchange. The sale process became public in February 2025, but no acquisition was announced before the board approved the shutdown.
Hayes, Delo and Reed stepped down after U.S. prosecutors filed criminal charges in 2020 over failures to maintain a Bank Secrecy Act-compliant anti-money laundering program. The three founders pleaded guilty in 2022 and later received full presidential pardons alongside former BitMEX employee Gregory Dwyer in March 2025.
BitMEX will stop users from opening new positions at 04:00 UTC on August 26 before permanently ending exchange services at 04:00 UTC on September 23.
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