July 23, 2026 — Crypto derivatives platform BitMEX announced Thursday that it will close the BitMEX Exchange on September 23, 2026, at 04:00 UTC following a strategic review of the business and the broader cryptocurrency industry. The decision was made by the board of HDR Global Trading Limited, BitMEX’s owner and operator, and new account registrations have stopped with immediate effect.
Launched in 2014, BitMEX said it introduced the 100x-leverage perpetual swap, which was subsequently adopted by other cryptocurrency exchanges. The company also said it has not lost funds to hacks during more than 11 years of operation.
Wind-down timeline
The exchange will continue operating until the closure time, subject to risk limits taking effect on August 26, 2026, at 04:00 UTC. Beginning at that time, users will no longer be permitted to open new positions and will only be able to reduce existing positions.
From August 26 until the closure, BitMEX said it will force-close open positions to support an orderly wind-down of the market and may do so at its sole discretion. Any positions remaining open at 04:00 UTC on September 23 will be immediately force-closed, and BitMEX said it will not accept responsibility for trading losses resulting from users being unable to close their positions during the wind-down period.
The exchange will also apply early-settlement procedures to contracts with limited liquidity. Affected users will be notified in accordance with BitMEX’s usual procedures.
Account access and fees after closure
BitMEX encouraged users to close their open positions and withdraw their assets as soon as practical. After exchange services end, users will continue to be able to access their accounts, view wallet balances and historical transaction information, and withdraw remaining assets.
The company also confirmed that all BMEX tokens staked on the platform have been unstaked and are immediately available in holders’ accounts. KYC-verified users who do not withdraw their assets before the closure time will be charged an account fee.
BitMEX described the fee as the greater of US$50 equivalent or 1% per annum on the remaining account balance, charged monthly. The announcement did not provide further details about how the annual percentage would be applied to the monthly charges.
BitMEX said users who leave assets on the platform after the closure time will be deemed to have accepted the fee and any subsequent increases communicated in advance. The company said it will continue contacting affected users to encourage them to withdraw their assets.
Security and withdrawal safeguards
BitMEX warned users to remain vigilant against phishing attempts and fraudulent offers claiming to provide priority or accelerated withdrawals, adding that no expedited withdrawal service exists. The company said it will introduce additional review procedures for all withdrawal requests, while elevated demand and restrictions affecting particular blockchain networks could result in longer processing times.
Withdrawals marked as “Processing” will remain queued until they can be broadcast to the relevant blockchain, according to BitMEX. The company also said its assets exceed its liabilities, citing its published Proof of Reserves and Liabilities page.
Why it matters
The closure will end more than 11 years of operations at an exchange that was launched in 2014 and says it introduced the 100x-leverage perpetual swap. The product subsequently became widely used across the cryptocurrency derivatives market.
For users, the operational impact will begin before the final closure. New positions will be prohibited from August 26, open positions may be forcibly closed during the wind-down, and KYC-verified users who leave assets on the platform after September 23 will face continuing account fees.
