Crypto derivatives exchange BitMEX will cease operations on Sept. 23, 2026, after its parent company, HDR Global Trading Limited, decided to close the platform following a strategic review of its business and the digital asset industry, according to an announcement published on Thursday.

Effective immediately, the exchange has stopped accepting new user registrations.

“BitMEX invented the 100x leverage perpetual swap, the most traded product in the crypto industry – now adopted by thousands of people and exchanges,” the team stated. “This legacy reflects our commitment to bringing innovative and sophisticated risk management tools for all users. And we continue to take pride in our robust security posture, which, unlike many of our peers, has resulted in BitMEX experiencing zero funds lost to hacks during its entire operating history of over 11 years.”

The exchange said trading will continue until the shutdown process advances, but new restrictions will begin on Aug. 26. From that date, traders will only be permitted to reduce existing positions, with no new positions allowed.

BitMEX will gradually force close outstanding positions ahead of the Sept. 23 deadline to ensure an orderly market wind-down, while any positions remaining at the official closure time will be automatically closed. The company added that illiquid contracts could be settled early in accordance with its existing settlement procedures.

Following the exchange’s closure, users will retain access to their accounts solely for viewing balances, transaction history, and withdrawing remaining assets.

BitMEX also confirmed it has unstaked all BMEX tokens held in staking, making them immediately available to holders.

Customers who fail to withdraw funds before the closure deadline and have completed KYC verification will face ongoing custody charges of at least $50 or 1% annually, billed monthly, with the possibility of higher fees in the future after prior notice.

The exchange also cautioned users about phishing attacks exploiting the shutdown announcement, noting that enhanced withdrawal reviews and blockchain confirmation delays may temporarily slow withdrawals.

A decade-long rise

Founded by Arthur Hayes, Benjamin Delo, and Samuel Reed in 2014, BitMEX provides trading in perpetual swaps, futures, and other crypto-based financial products. The exchange has become one of the industry’s best-known derivatives platforms by helping make perpetual futures a mainstream crypto trading product.

In early 2025, BitMEX was said to be seeking a buyer after hiring Broadhaven Capital Partners to manage a potential sale, per CoinDesk.

The reported sale process came amid increased merger and acquisition activity across the crypto derivatives market and followed years after the exchange’s AML-related legal troubles.

BitMEX underwent a major executive shakeup last month, with CEO Stephan Lutz, CFO Ina Steiner, and Chief Growth Officer Raphael Polansky leaving the exchange. Peter Wilkinson, previously the company’s COO and Global General Counsel, was appointed CEO.

Update [July 23, 4:30 p.m. ET]: Added background context on BitMEX.