What to know:
- BitMEX will permanently shut down its crypto exchange at 04:00 UTC on September 23, 2026, and has already stopped new user registrations.
- The exchange will gradually wind down trading, urging users to close positions and withdraw funds before the deadline.
- Founded by Arthur Hayes in 2014, BitMEX leaves behind a lasting legacy after introducing the crypto market’s first perpetual swap contract.
Crypto derivatives exchange BitMEX has confirmed it will permanently shut down its trading platform on September 23, 2026, at 04:00 UTC, bringing an end to one of the industry’s most influential trading venues.
The company has immediately halted new account registrations as it begins winding down operations.
HDR Global Trading Limited, the owner and operator of BitMEX, stated that it was a tough decision based on its assessment of the company and the broader industry.
It stated that the move is difficult, given that it will shut down an exchange that defined the crypto derivative exchanges of today.
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A Pioneer That Changed Crypto Trading
Established in 2014 by Arthur Hayes, BitMEX introduced the first perpetual swap contracts of the crypto world that can be executed with up to 100x leverage.
The platform was the leading exchange in the industry until it gave way to Binance and Bybit. The company was involved in some legal matters in 2020 after the founders had resigned owing to U.S. criminal investigations.
It was reported in 2025 that BitMEX considered the sale of the company; however, the offer was not accepted. According to BitMEX, the firm has been running for over 11 years without being hacked.
Users Given Timeline to Exit
According to BitMEX, the trading will continue until the date of closure, but the restriction period will commence on August 26. Only users can unwind their existing positions since the new positions will not be allowed during this time. The exchange will close all of the trades gradually.
In addition, the contracts will be unwound automatically during the closing process, and some may get closed even before the deadline due to lack of liquidity.
Withdrawal Rules and Security Measures
When the trading window closes, users will still be able to log in to check on their balances and their transaction history and to withdraw any leftover funds. All tokens that had been staked have been withdrawn back into their owners’ wallets.
Any leftover funds beyond the deadline will have to pay a $50 monthly custody fee or 1% annually, whichever is more. Customers of BitMEX were informed of phishing attempts as well as withdrawal delays, but all assets were covered by the firm’s proof-of-reserves system.
What Comes Next for BitMEX?
In the coming weeks, however, users are likely to slowly unwind their positions and transfer their funds to alternative exchanges ahead of the deadline in September. The departure of BitMEX marks the end of an era in cryptocurrency derivatives as its rivalries inherit the customers left behind.
While the exchange is being shut down, it is noteworthy that the perpetual futures contract launched by BitMEX has established itself as an integral part of the market and will remain so for years to come.
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