BitMEX will cease trading operations on September 23, ending more than a decade of activity for the crypto derivatives exchange co-founded by Arthur Hayes in 2014. The board of HDR Global Trading Limited, the company that operates BitMEX, made the decision following a strategic review of the business and the wider crypto market, according to a notice sent to users on Thursday.
The exchange has stopped accepting new account registrations and is asking users to close open positions and withdraw funds before the shutdown. Account access will remain available after the closure for users to manage withdrawals and review historical activity.
BitMEX Trading Restrictions And Regulatory Hurdle
BitMEX will stop allowing users to open new positions from 4 a.m. UTC on August 26. After that deadline, traders will only be able to reduce existing exposure. The exchange said it may close remaining positions during the wind-down period and will immediately close any open positions that remain when trading operations end on September 23.
BitMEX warned users that it may force close positions at its discretion and will not be responsible for losses resulting from users being unable to exit positions before the deadline. Contracts with limited liquidity may also move to early settlement under the exchange’s standard procedures. The exchange has also unstaked all BMEX tokens, making them available in users’ accounts. BitMEX did not provide a specific reason for the closure, stating only that the decision followed a strategic review of the company and broader market conditions.
The shutdown comes despite recent efforts by BitMEX to expand its product offering. Earlier this year, the exchange launched equity perpetual contracts linked to companies including Microsoft, Google, Palantir, and Broadcom, while also expanding institutional trading infrastructure through a partnership with COLLYBUS. The exchange has faced regulatory challenges in recent years. In 2025, HDR Global Trading Limited was fined an additional $100 million after a US federal court found BitMEX violated the Bank Secrecy Act by failing to maintain an adequate anti-money laundering programme between 2015 and 2020.
Arthur Hayes stepped away from BitMEX’s daily operations years ago and now manages investment firm Maelstrom. However, the exchange remains closely associated with Hayes, who helped build BitMEX into one of the largest crypto derivatives platforms during the early growth of perpetual futures markets.
Users Retain Ownership of Their Assets
BitMEX users will continue to have account access after September 23 to view balances, transaction history, and withdraw remaining assets. However, the exchange will no longer provide trading services. Verified users who leave assets on the platform after the shutdown will be charged a monthly account fee of $50 equivalent or 1% annually, whichever is higher. BitMEX said any future fee changes will be communicated in advance.
The exchange also warned users about potential phishing attempts following the announcement, particularly scams offering faster withdrawals or priority processing. BitMEX said additional review procedures will apply to withdrawal requests and noted that Bitcoin network confirmation times could affect processing speeds. Requests marked as “Processing” will remain queued until withdrawal capacity becomes available.
The exchange directed users to its Proof of Reserves and Liabilities page, stating that its reserves exceed liabilities and that the platform has not lost user funds to hacks throughout its operating history. The closure adds to a broader period of consolidation across the crypto industry, as exchanges and blockchain companies adjust operations amid changing market conditions and increased regulatory pressure.
