BitMEX to End Trading on Sept. 23, 2026; Users Told to Close Positions and Withdraw

Crypto derivatives exchange BitMEX will wind down and cease trading after more than 11 years in operation, its owner and operator HDR Global Trading Limited said. The decision followed a strategic review of the company and broader industry conditions. Exchange operations will end at 04:00 UTC on Sept. 23, 2026, and new account registrations have already been halted. BitMEX said trading will continue until the shutdown date, with staged restrictions designed to support an orderly exit. Starting Aug. 26 at 04:00 UTC, users will no longer be able to open new positions and will be limited to reducing existing exposure. In the following weeks, the platform will progressively force-close remaining positions. Any positions still open when trading ends will be automatically liquidated. The exchange added that contracts with limited liquidity may be settled early under existing settlement procedures, with affected customers to be notified in advance. Users are encouraged to close positions and withdraw funds well before Sept. 23, 2026. After trading stops, accounts will remain accessible for viewing balances and transaction history and for initiating withdrawals. BitMEX cautioned that withdrawal processing could slow during the transition due to higher demand and longer blockchain confirmation times, especially on Bitcoin. It also plans to introduce additional withdrawal reviews. The company stressed that it does not offer any "priority" withdrawal service and urged customers to watch for phishing attempts or anyone claiming they can accelerate access to funds. For customers who leave assets on the platform after Sept. 23, BitMEX said accounts will shift to withdrawal-only access. Verified customers will be charged either $50 per month (or the monthly equivalent) or 1% annually on remaining balances, whichever is greater. Fees will be deducted monthly and could increase in the future with notice. BitMEX said its reserves exceed customer liabilities and pointed users to its Proof of Reserves and Liabilities page as support for the claim that customer assets remain fully backed. Founded in 2014, BitMEX was an early driver of perpetual futures and helped popularize the 100x leveraged perpetual swap. The exchange said that over its 11+ years of operation it never lost customer funds to hacks, highlighting the record as central to its security approach. The announcement follows a recent leadership shake-up: former CEO Stephan Lutz, CFO Ina Steiner and chief growth officer Raphael Polansky have departed, and former global general counsel and COO Peter Wilkinson has become CEO. BitMEX management has changed several times since 2020, when founders Arthur Hayes, Ben Delo and Samuel Reed stepped down amid U.S. enforcement actions related to AML deficiencies—charges to which BitMEX later pleaded guilty. Earlier reports said the company had been exploring a sale and reorganizing leadership as part of that process. BitMEX described the shutdown as a difficult decision while reiterating its commitment to Bitcoin's principles of neutrality, transparency and decentralization through its peer-to-peer model and its stated focus on safeguarding customer assets. The closure marks the end of a notable chapter for one of crypto's early derivatives venues that helped standardize perpetual futures across the industry.