BitMEX to close cryptocurrency exchange in September 2026

BitMEX announced that it will close its cryptocurrency exchange in September 2026.

New account registrations have stopped with immediate effect, and trading activity will be wound down ahead of the closure. Users have been urged to close open positions and withdraw funds as soon as practical.

The decision followed what the company described as a strategic review of the business and the wider crypto sector by the board of HDR Global Trading, BitMEX's owner and operator.

During the run-off period, the exchange will continue to operate, but trading restrictions will tighten before the final shutdown. From late August, users will no longer be able to open new positions and will only be allowed to reduce existing ones. The platform will also begin forcing the closure of open positions to manage an orderly wind-down.

Any positions still open at the closure time will be force-closed immediately. Contracts with limited liquidity will be subject to early settlement procedures under BitMEX's usual processes.

After the exchange stops providing trading services, users will still be able to log in, view wallet balances and transaction histories, and withdraw remaining assets. All staked BMEX tokens on the platform have also been unstaked and made available in users' accounts.

User funds

Users who have completed know-your-customer checks but fail to withdraw assets by the closure time will face a monthly account fee on remaining balances of either the equivalent of $50 or 1% per annum, whichever is greater. Those charges could rise later if funds remain unclaimed, with advance notice to be given.

BitMEX will also introduce extra review procedures for withdrawals as it prepares to shut the exchange. It warned that phishing attempts may increase and said no priority or expedited withdrawal service would be offered.

Some withdrawals could face delays because of network restrictions and blockchain confirmation times, particularly on networks such as Bitcoin, where confirmations can take up to an hour. Requests marked as processing will remain queued until an address becomes available for posting to the blockchain.

On reserves, BitMEX said users could be assured that assets exceed liabilities, citing its proof-of-reserves and liabilities disclosure.

Long history

Founded in 2014, BitMEX became one of the best-known names in crypto derivatives trading. It said it introduced the 100x leverage perpetual swap, a product that later became widely used across the sector.

The exchange also highlighted its record on custody and platform security, saying it had experienced no loss of funds from hacks during more than 11 years of operation. It said the platform had aimed to reflect what it described as the ethos of Bitcoin through neutrality, transparency, and decentralisation.

The closure marks the end of a business that was an early force in crypto derivatives, a market that grew rapidly as traders sought leveraged exposure to digital assets. Over time, the sector became more crowded as rival exchanges introduced similar perpetual products and competed on fees, liquidity, and product range.

In a message to users, the company acknowledged the significance of the decision and the platform's history in the market.

"This comes with a heavy heart for all of us at the company and has not been taken lightly," the BitMEX team said.

It also reflected on the exchange's role in the development of the crypto derivatives market.

"While this news is a difficult one to share, we are proud of everything that has been built at the company since its launch as a pioneer of crypto derivatives," the team said.

Addressing customers directly, the company urged users to act on their accounts before the exchange stops operating.

"We strongly encourage all users to close open positions and withdraw their funds as soon as practical," the team said.