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Crypto Derivatives Pioneer BitMEX to Shut Down After Strategic Review
- BitMEX will cease exchange operations on 23 September 2026, with customers urged to close positions and withdraw assets before trading ends.
- The shutdown will occur in stages from 26 August, with new positions prohibited before remaining trades are progressively closed.
- The exchange exits after more than 11 years, having introduced the 100x perpetual swap while maintaining a record of zero customer funds lost to hacks.
Cryptocurrency derivatives exchange BitMEX will shut down after HDR Global Trading Limited concluded a strategic review and decided to close the business. Exchange services will end at 04:00 UTC on 23 September 2026, ending more than a decade of operations.
The company has already stopped accepting new customer registrations and has instructed existing users to withdraw their assets and close any open positions before trading ceases. It said customers’ funds remain secure and under their control throughout the wind-down process.
Restrictions will be introduced in stages, beginning on 26 August, when traders will no longer be able to open new positions and will only be allowed to reduce existing ones. Remaining positions will be closed progressively before the final shutdown, with any still open at the deadline automatically liquidated.
Related: Bitcoin Climbs to One-Month High Above $65,800 as ETF Inflows Extend Six-Day Streak
Next Steps for Existing Customers
Following the closure, customers will continue to have access to wallet balances, transaction histories and withdrawals. BitMEX said extra withdrawal reviews and blockchain confirmation times could delay processing during the transition, while warning customers about phishing scams and fraudulent offers claiming to provide faster withdrawals. The company also said its proof of reserves and liabilities confirms customer assets exceed liabilities.
Established in 2014, BitMEX helped popularise cryptocurrency derivatives through its introduction of the 100x leveraged perpetual swap, which later became one of the industry’s most widely traded products. The exchange also highlighted its record of zero customer funds lost to hacks during its history.
Its departure comes as decentralised derivatives exchanges continue expanding their share of trading activity while volumes on centralised platforms weaken, signalling the end of a prominent early participant in the sector.
Related: SBI to Buy Bitbank in US$289M Deal to Create Japan’s Largest Crypto Exchange
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
