Crypto exchange BitMEX ends 11-year run with planned exchange shutdown

According to an official announcement published by BitMEX on Thursday, owner and operator HDR Global Trading Limited has decided to close the exchange after reviewing both the business and the state of the cryptocurrency industry. The company has already stopped accepting new account registrations and said the platform will cease exchange operations at 04:00 UTC on Sept. 23, 2026.

The exchange urged customers to close open positions and withdraw their assets before the deadline, while assuring them that funds remain under their control during the transition period. Even after trading services end, users will still be able to access their accounts to view wallet balances, transaction history, and withdraw any remaining assets.

Users given two months to exit positions

As part of the wind-down process, BitMEX said trading will continue until the closure date, although restrictions will gradually be introduced.

Beginning Aug. 26 at 04:00 UTC, the exchange will prevent traders from opening new positions, allowing only reductions to existing ones. During the following weeks, BitMEX said it will progressively force close outstanding positions to ensure what it described as an orderly shutdown of its markets. Any positions that remain open when the exchange closes will be liquidated automatically.

The company also said contracts with limited liquidity will undergo early settlement using its existing settlement procedures, with advance notice provided to affected users.

Users who fail to withdraw their assets before the exchange closes will continue to have access to their accounts solely for withdrawals. BitMEX said verified customers leaving funds on the platform after Sept. 23 will be charged either $50 per month equivalent or 1% annually, whichever is greater, with fees deducted monthly. The company added that those charges could increase in the future after prior notice if balances continue to remain on the platform.

Separately, BitMEX warned users to remain alert for phishing campaigns that could attempt to exploit news of the closure. The exchange said no priority withdrawal service exists and cautioned customers against anyone claiming to offer faster access to funds.

Additional withdrawal reviews will also be introduced during the transition period. According to the company, heightened withdrawal demand and blockchain confirmation times, particularly on Bitcoin, could result in processing delays even though withdrawal requests will continue to be handled.

BitMEX added that its reserves exceed customer liabilities, pointing users to its Proof of Reserves and Liabilities page as evidence that customer assets remain fully backed.

Exchange cites legacy as derivatives pioneer

Looking back on its history, BitMEX said it launched in 2014 with the goal of making professional-grade cryptocurrency derivatives available to a wider range of traders. The company credited itself with introducing the 100x leveraged perpetual swap, a product that later became one of the most widely traded instruments across the crypto derivatives market.

The exchange also said it maintained a record of zero customer funds lost to hacks throughout more than 11 years of operation, describing its security practices as one of the platform’s defining features.

In its statement, BitMEX said the platform remained committed to Bitcoin’s principles of neutrality, transparency, and decentralization through its peer-to-peer operating model and continued focus on safeguarding customer assets.

The company acknowledged that shutting down the exchange was a difficult decision but thanked customers for supporting the platform throughout its history, adding that it hopes users will continue trading on other cryptocurrency exchanges.

Closure follows months of restructuring

The announcement comes only weeks after BitMEX carried out another executive reshuffle.

As previously reported by crypto.news, former chief executive Stephan Lutz, chief financial officer Ina Steiner, and chief growth officer Raphael Polansky left the company earlier this month as part of a leadership overhaul. Former global general counsel and chief operating officer Peter Wilkinson subsequently took over as chief executive.

It was reported at the time that the restructuring came while BitMEX was exploring a potential sale, with the management changes viewed as part of efforts to reorganize the business.

Leadership at the exchange has changed several times since 2020, when founders Arthur Hayes, Ben Delo, and Samuel Reed stepped down after U.S. authorities alleged the company had failed to implement adequate anti-money laundering controls. BitMEX later pleaded guilty to those charges.

Former Börse Stuttgart executive Alexander Höptner became chief executive in 2021 before handing the role to Lutz during the cryptocurrency market downturn in 2022.

The decision to close the exchange now ends more than a decade of operations for one of the earliest cryptocurrency derivatives trading platforms, bringing to a close a business that helped establish perpetual futures as a standard product across the digital asset industry.

Source: https://crypto.news/crypto-exchange-bitmex-ends-11-year-run-with-planned-exchange-shutdown/