- BitMEX will cease all exchange operations on September 23, 2026, at 04:00:00 UTC.
- New account sign-ups halted immediately; from August 26, 2026, users can only reduce existing positions with risk limits applied.
- All open positions will be force-closed in an orderly manner ahead of the final shutdown deadline.
- Users are strongly encouraged to close positions and withdraw funds as soon as possible to avoid post-closure account fees on remaining balances.
- The platform, which invented the 100x leverage perpetual swap, reported no loss of customer funds to hacks in over 11 years of operation.
BitMEX, a foundational player in crypto derivatives trading since its launch in 2014, revealed on July 23 that it will permanently shut down its exchange operations effective September 23, 2026, at 04:00:00 UTC, following a strategic review by its owner, HDR Global Trading Limited. The official announcement described the move as a difficult decision made “with a heavy heart.”
In a post on X, the exchange stated: “Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC. … We want to reassure you that your assets remain fully safe and under your control during this transition period.” @BitMEX urged users to close positions and withdraw promptly, linking to the detailed blog post for the full wind-down process.
The timeline includes an immediate halt to new registrations. Starting August 26, 2026, at 04:00 UTC, risk limits will prevent new positions, allowing only reductions of existing ones. Open positions will then be force closed gradually to ensure an orderly exit, with any remaining automatically closed at the closure time. BitMEX emphasized that it may force close positions at its discretion and holds no responsibility for losses if users fail to act.
Post-closure, users can still log in to withdraw balances, but KYC’d accounts with funds left will face monthly fees of the greater of a USD 50 equivalent or 1% per annum on remaining balances. The company highlighted its long-standing commitment to security, noting it has never lost user funds to hacks in its entire history.
BitMEX’s legacy includes pioneering the perpetual swap contract with up to 100x leverage, a product that has since been adopted industry-wide. Data shows crypto perpetual swap volumes reached $61.7 trillion in 2025, an increase of $13.8 trillion from the prior year. Decrypt reported, citing CryptoQuant figures. While BitMEX’s prominence has waned relative to larger competitors, its closure represents a notable shift for traders who valued its early innovations in derivatives.
The announcement comes as the broader crypto trading ecosystem continues to evolve, with numerous platforms now offering similar leveraged products. BitMEX expressed pride in its contributions and encouraged users to explore other established venues for ongoing trading needs. All assets are stated to exceed liabilities per the platform’s Proof of Reserves.
