BitMEX to Permanently Close on 23 September, Ending 11-Year Run as Crypto Derivatives Pioneer
BitMEX to Permanently Close on 23 September, Ending 11-Year Run as Crypto Derivatives Pioneer #
BitMEX, the crypto derivatives exchange that introduced the 100x leverage perpetual swap, has announced it will permanently cease operations on 23 September 2026, closing after more than 11 years in the market.
Parent company HDR Global Trading Limited confirmed the shutdown on 23 July, citing a strategic review of the business and the wider crypto industry. In a message to users, the platform described the decision as taken “with a very heavy heart,” adding that it remains proud of the legacy built since its 2014 founding by Arthur Hayes, Ben Delo, and Samuel Reed.
BitMEX has immediately halted new account registrations and is urging all existing users to close open positions and withdraw their funds ahead of the deadline. From 26 August, the platform will apply risk limits that prevent traders from opening new positions, with any contracts still outstanding at the 23 September closure time to be forcibly wound down. Users who leave verified assets on the platform beyond that date will be subject to a monthly retention fee equal to the greater of $50 or 1% of their balance per year.
The exchange was once among the most dominant venues in crypto, amassing more than $3 trillion in cumulative trading volume at its peak. Its invention of the perpetual swap in 2016, a contract offering continuous price exposure without the expiry mechanics of traditional futures, has since become the most widely traded instrument in the digital-asset industry, replicated by virtually every major competing exchange.
BitMEX’s decline was shaped in part by a protracted legal battle with U.S. authorities. The Commodity Futures Trading Commission charged the exchange with operating an unregistered trading platform and failing to implement adequate know-your-customer and anti-money-laundering controls between 2015 and 2020, ultimately resulting in more than $200 million in combined penalties. Hayes, Delo, and Reed received full presidential pardons in March 2025.
BitMEX said it is proud to have maintained a “flawless” record of zero customer funds lost to hacks throughout its operating history, and assured users that reserves continue to exceed liabilities. The company attributed the closure to competitive pressure rather than a failure of asset stewardship: the perpetual swap BitMEX created has enabled rivals to outgrow the platform that invented it.
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