BitMEX will end exchange operations after more than 11 years in business, following a decision by owner and operator HDR Global Trading Limited to close the company after a strategic review. BitMEX confirmed trading services will stop on September 23, 2026, at 04:00 UTC, marking the end of one of cryptocurrency’s earliest derivatives exchanges.
The firm asked customers to close open positions and withdraw funds before trading ends. New account registrations have already stopped, while existing services will continue until the scheduled closure. The firm officials did not explain what led to HDR Global Trading Limited’s decision after completing the review.
“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.
BitMEX Sets Timeline for Trading Closure
BitMEX has set a schedule to gradually end trading operations before September. From Aug. 26, 2026, customers will no longer be able to open new positions due to updated risk limits, while they can continue reducing existing positions until the market closure. The exchange will automatically close any positions that remain open at 04:00 UTC on Sept. 23.
After trading ends, customers will still be able to sign in, review wallet balances, check transaction history, and withdraw any remaining funds. BitMEX also confirmed that all previously staked tokens had already been returned to customer wallets before the closure.
Users who leave funds in their accounts after the deadline will face a custody charge of either $50 per month or 1% per year, whichever amount is higher. BitMEX also warned customers about fake withdrawal offers and fraudulent scams, adding that no priority withdrawal service will be available during the closing period.
BitMEX Growth Fueled by Perpetual Contracts
Perpetual swap contracts offering up to 100x leverage helped make BitMEX one of the best-known names in crypto trading. The product later grew into one of the most actively traded cryptocurrency derivatives and gained widespread adoption among traders and exchanges.
BitMEX remained among the largest cryptocurrency trading venues before competitors, including Binance and Bybit, gained larger shares of trading activity. The company later faced legal issues in 2020 after its founders stepped down during criminal investigations in the United States.
Leadership Changes Came Before Closure
BitMEX’s leadership changed shortly before the shutdown plans became public. BitMEX said former Chief Executive Officer Stephan Lutz, Chief Growth Officer Raphael Polansky, and Chief Financial Officer Ina Steiner left their positions last month. Former General Counsel and Chief Operating Officer Peter Wilkinson has assumed the role of chief executive officer.
BitMEX said its proof-of-reserves and liabilities records show that customer assets remain greater than company liabilities. The company also warned that withdrawals could face additional reviews or network restrictions because higher withdrawal requests are expected before exchange services end.
