The cryptocurrency derivatives exchange BitMEX, which is credited with creating the perpetual swap, declared on Thursday that it will cease operations on September 23.
Source: bitmex.com
The platform informed users, “Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.” “From today, we strongly encourage all users to close their positions and withdraw their funds as soon as convenient.”
Users who do not withdraw their assets by the deadline will face automatic financial penalties. The exchange will charge a monthly maintenance fee of $50 or an annual 1% fee on their assets, according to an email sent to account holders.
Dear BitMEX Users,
Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC.
The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations… pic.twitter.com/oWuqlh547f
— BitMEX (@BitMEX) July 23, 2026
BitMEX’s decision to shut down follows years of losing its lead in perpetual swaps to faster centralized competitors and new decentralized derivatives platforms. Liquidity, market makers, and large traders moved to exchanges with more trading options, deeper order books, and fewer legal issues.
The exchange has immediately halted all new account registrations following a strategic business review by its parent company, HDR Global Trading Limited. The wind-down ends an 11-year run for the Seychelles-incorporated venue, which debuted in 2014 and pioneered the foundational plumbing for modern digital asset derivatives trading.
The wind-down will reduce risk across the platform. Standard trading will continue for a few more weeks, but starting August 26, users will not be able to open new positions. After that, the platform will begin closing all remaining open contracts to make sure the shutdown is orderly.
BitMEX’s main challenge is transferring user assets, since congestion on the Bitcoin blockchain could cause withdrawal delays. However, the company’s proof of reserves shows that customer assets are fully covered by platform holdings.
This exit ends an 11-year run for the digital asset derivatives platform, which kept a strong security record and never lost user funds to hacks or smart contract exploits, even during years of regulatory pressure from global authorities.
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