BitMEX to shut down operations on September 23 after 11-year run

Crypto derivatives exchange BitMEX, a pioneer of the perpetual swap, will shut down on September 23, 2026, after an 11-year run. The closure follows a strategic review, declining market share, recent leadership departures, and a history of regulatory issues, including a guilty plea for which its founders were later pardoned. Users must withdraw funds before the deadline or face monthly fees.

BitMEX shutdown announcement

• ▪BitMEX, founded in 2014, has immediately halted all new account registrations
• ▪The decision to close was made by its parent company, HDR Global Trading Limited, following a strategic review of the business
• ▪Crypto derivatives exchange BitMEX will shut down its operations on September 23, 2026, at 04:00 UTC
• ▪The exchange operated for over 11 years without losing user funds to a hack

Wind-down process timeline

• ▪Starting August 26, 2026, BitMEX will bar new positions and only permit trades that reduce existing exposure
• ▪Any positions remaining open at the September 23 deadline will be automatically force-closed

User withdrawal requirements

• ▪The monthly fee for remaining balances is $50 or an annualized 1%, whichever is greater
• ▪BitMEX's proof-of-reserves indicates that platform liabilities are fully covered by customer assets
• ▪Users who do not withdraw their assets by the deadline will be charged a monthly maintenance fee
• ▪BitMEX has urged users to close their positions and withdraw funds before the shutdown

Competitive market decline

• ▪BitMEX pioneered the perpetual swap in 2016, a derivatives product that offers up to 100x leverage
• ▪At its peak in 2019, BitMEX handled over $1 trillion in annual trading volume, capturing roughly 57% of the global crypto derivatives market
• ▪The exchange had reportedly been seeking a buyer since early 2025

Regulatory enforcement history

• ▪BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed pleaded guilty in 2022 to failing to implement an anti-money laundering program
• ▪The company BitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act and paid $100 million in penalties
• ▪The founders had resigned from the company in 2020 after the U.S. brought criminal charges against them
• ▪In March 2025, U.S. President Donald Trump pardoned the three co-founders

Leadership departures

• ▪The departing executives were identified as CEO Stephan Lutz, CFO Ina Steiner, and Chief Growth Officer Raphael Polansky
• ▪In June 2026, just weeks before the shutdown announcement, BitMEX's CEO, CFO, and head of growth departed
• ▪Peter Wilkinson, the former general counsel and COO, has taken over as the new CEO of BitMEX