BitMEX closes exchange on September 23 this year. The crypto exchange will shut down operations permanently.
Parent company HDR Global Trading Limited made the decision. They reviewed business and industry conditions.
Why BitMEX closes exchange
BitMEX will halt operations at 04:00 UTC on September 23. The exchange operated for 11 years. New account registrations have already stopped.
Users must withdraw their funds before the deadline. Risk limits will kick in from August 26. Any open positions at closure will be force-closed.
“We take pride in our robust security posture,” the exchange stated. “BitMEX experienced zero funds lost to hacks during its entire operating history.”
Arthur Hayes co-founded BitMEX in 2014. The exchange introduced the first perpetual swap. It was once a dominant derivatives exchange. Nevertheless, it lost market share to Binance and Bybit.
Hayes and co-founders stepped down in 2020. They faced U.S. criminal charges at that time. An effort to sell the exchange in 2025 failed. No announced deal materialized.
Withdrawal of funds and market reaction
BitMEX will not offer exchange services immediately after closure. Nevertheless, it will continue holding user assets. This continues until all positions close and funds withdraw.
To avoid losing momentum, high-risk traders can migrate. Alternative high-leverage exchanges support comparable margin options.
“We want to reassure you that your assets remain fully safe,” the exchange added. “This announcement gives enough time for a smooth withdrawal process.”
BitMEX may force-close positions at its sole discretion. It will take no responsibility for trading losses. Traders must manually close their positions.
The exchange will charge an account fee. It is $50 or 1% per annum. This applies to remaining balances.
Proof of reserves shows $1.037 billion in crypto assets. Liabilities are $1.016 billion. These are user assets and insurance funds.
The crypto market could see volatility. Users are moving to withdraw and close positions. Bitcoin fluctuates around $65,500. It fell to a 24-hour low of $65,327. Elevated oil prices and the US-Iran war also affect BTC.
