- BitMEX will be closing down by September 23 following an 11-year period of being a pioneer of crypto perpetual futures.
- The platform encouraged users to liquidate their positions and withdrawals before the closure phases.
The platform, which was one of the key players in trading cryptocurrencies, has decided to cease its activities. It has been responsible for the development of market derivatives for more than ten years. BitMEX, the platform that invented perpetual futures and revolutionized leveraged trading of cryptocurrencies. Has decided to finally close its doors on September 23, 2026.
BitMEX has notified their clients about the cessation of activities at 04:00 UTC on September 23. The company asked users to withdraw their funds before the final day to avoid additional costs. According to the company’s notifications of the company, all those who will keep funds in their accounts after this date will have to pay a fee of $50 per month or one percent per year of the value of the asset. The parent company of BitMEX, HDR Global Trading Limited, has stopped accepting new applications.
Orderly Wind Down in Response to Loss of Market Dominance
The company is planning for an orderly wind down to minimize disruptions in the crypto derivatives trading markets. Starting from August 26, customers will no longer be able to initiate new positions, but already opened contracts will be completed up to the end of the term. All positions will be closed by exchange owners before the September deadline.
There could be withdrawal delays due to increased activity on the Bitcoin network while transferring customer funds out of the platform. Nevertheless, BitMEX stated that their latest proof-of-reserve data confirms that customer assets are completely covered by platform liabilities.
BitMEX’s Legacy Exceeds Regulatory Issues
Arthur Hayes, Ben Delo, and Samuel Reed launched BitMEX back in 2014 when they invented the concept of perpetual swap to change cryptocurrency derivatives trading forever. The company managed to trade more than $1 trillion in one year of trading activity in 2019 and owned about 57% of the total derivatives market globally. BitMEX’s daily trading volume reached approximately $8 billion at its highest point. Although having a flawless history of security with no hacks at all, BitMEX still had to face regulators in 2020 because of anti-money laundering issues.
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