BitMEX to Shut Down Crypto Derivatives Exchange After 11 Years, Ceasing Operations September 23

BitMEX, the pioneer of the 100x leverage perpetual swap, will permanently shut down operations on September 23, 2026, following a strategic review by owner HDR Global Trading Limited. The decision comes after failed attempts to secure a buyer or merger, alongside recent executive departures. Standard trading will transition on August 26, 2026, to reduce-only mode before outstanding positions are force-closed. BitMEX is urging immediate withdrawals, highlighting its clean 11-year security record of zero funds lost to hacks.

BitMEX shutdown announcement

• ▪BitMEX immediately halted all new user account registrations following its shutdown announcement on July 23, 2026.
• ▪BitMEX will permanently shut down its cryptocurrency derivatives exchange operations on September 23, 2026, at 04:00 UTC.

HDR Global closure decision

• ▪BitMEX underwent a major executive shakeup in June 2026, with CEO Stephan Lutz, CFO Ina Steiner, and Chief Growth Officer Raphael Polansky departing the exchange.
• ▪BitMEX owner and operator HDR Global Trading Limited decided to close the exchange following a strategic review of the business and the broader crypto industry.
• ▪BitMEX explored multiple strategic options, including a sale, merger, partnerships, and restructuring, before deciding to wind down operations.

User fund withdrawal advisory

• ▪BitMEX will systematically force close all remaining open contracts between August 26, 2026, and the final September 23, 2026 deadline.
• ▪Verified KYC users who fail to withdraw assets by the September 23, 2026 deadline will face a monthly custody fee of at least $50 or an annualized 1% levy.
• ▪BitMEX will apply risk limits on August 26, 2026, at 04:00 UTC, blocking new positions and permitting only reduce-only trades.

Perpetual swap contract legacy

• ▪BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed launched the perpetual swap contract in May 2016, offering up to 100x leverage.
• ▪Global crypto perpetual swap volumes reached $61.7 trillion in 2025, up $13.8 trillion from the previous year.

BitMEX security track record

• ▪BitMEX's proof of reserves and liabilities indicates that platform assets fully cover and exceed customer liabilities.
• ▪BitMEX maintained a record of zero customer funds lost to hacks or smart-contract exploits during its 11-year operating history.