Hassan Maishera
TL;DR
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BitMEX will permanently cease operations on Sept. 23, ending its 11-year run as one of the crypto industry's pioneering derivatives exchanges.
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The platform stopped accepting new account registrations immediately and will begin restricting trading from Aug. 26.
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Users have until the shutdown date to close positions and withdraw funds, after which remaining positions will be force-closed.
Cryptocurrency derivatives exchange BitMEX has announced that it will permanently shut down on Sept. 23, bringing an end to more than a decade of operations that helped shape the modern crypto trading industry.
The decision follows a strategic review conducted by the board of HDR Global Trading Limited, BitMEX's parent company, which evaluated both the business and the broader cryptocurrency market. As part of the wind-down, the exchange has immediately stopped accepting new account registrations.
Sale Process Fails to Produce a Deal
BitMEX had been exploring strategic alternatives for more than a year. In February 2025, the company appointed Broadhaven Capital Partners to oversee a potential sale of the business. However, the exchange did not disclose whether the process resulted in any viable offers or explain the specific findings of its strategic review.
The announcement suggests the board ultimately concluded that winding down operations was the best path forward.
Founded in 2014 by Arthur Hayes and his co-founders, BitMEX became one of the cryptocurrency industry's most influential exchanges by introducing the 100x leveraged perpetual swap, a product that revolutionized digital asset derivatives trading.
Perpetual futures contracts have since become the dominant trading instrument across the crypto market and are now widely offered by exchanges worldwide.
BitMEX played a key role in making sophisticated derivatives products accessible to retail traders, helping establish the foundation for today's global crypto futures market.
Legal Challenges Shaped Recent Years
Despite its early success, BitMEX faced significant regulatory scrutiny in recent years. In 2024, the exchange pleaded guilty to violating the Bank Secrecy Act after authorities found deficiencies in its anti-money laundering (AML) compliance program.
The company was later ordered to pay an additional $100 million fine in January 2025. A few months later, in March 2025, U.S. President Donald Trump granted pardons to BitMEX's co-founders.
BitMEX has outlined a structured process for closing the platform and allowing users to exit their positions.
Beginning Aug. 26 at 04:00 UTC, the exchange will introduce new risk controls that prevent traders from opening fresh positions while allowing only reduce-only orders.
As the shutdown approaches, any remaining open positions will be force-closed to ensure an orderly wind-down of the marketplace. Positions that remain open when the exchange officially closes on Sept. 23 will be automatically liquidated.
BitMEX warned that users are responsible for closing their trades before the deadline and said it will not compensate customers for losses resulting from missed closures.
Although trading will end in September, customers will still be able to access their accounts after the exchange closes.
Users will retain the ability to:
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Log in to review account balances and transaction history.
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Withdraw remaining assets after trading operations cease.
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Access previously unstaked BMEX tokens, which have already been returned to holders.
The exchange cautioned that withdrawals could take longer than usual during periods of heavy blockchain activity, particularly on the Bitcoin network, where confirmation times may delay processing.
Dormant Accounts May Face Fees
BitMEX also announced new charges for users who leave assets on the platform after operations end.
Verified customers who fail to withdraw their funds by the shutdown date will incur a monthly account maintenance fee equal to $50 or 1% per annum of their remaining balance, whichever amount is greater.
The company added that these fees may increase over time, with advance notice provided to affected users.
As part of its announcement, BitMEX emphasized that customer assets remain fully backed.
According to the exchange, its Proof of Reserves and Liabilities confirms that assets exceed customer liabilities. BitMEX also stated that it has never lost customer funds to a hacking incident throughout its 11-year operating history.
The company urged users to remain vigilant against phishing scams that may emerge during the wind-down process, stressing that it does not offer expedited or priority withdrawal services.
