Crypto derivatives exchange BitMEX announced that it will permanently shut down its trading platform at 04:00 UTC on September 23, 2026. The company immediately stopped new account registrations as it began the process of terminating its operations.
Framework of the decision
HDR Global Trading Limited, the owner and operator of BitMEX, announced that the decision was made after considering the company’s current situation together with wider industry conditions. The company stated that this step was difficult and that a platform that played an important role in the formation of the current structure of the crypto derivatives market would be closed.
HDR Global Trading Limited announced that the BitMEX exchange will cease its operations as of 04:00 UTC on September 23, 2026, and stated that this decision was taken taking into account the general outlook of the company and the industry.
Founded by Arthur Hayes in 2014, BitMEX rose to prominence in the crypto market as one of the first platforms to offer perpetual futures contracts that can be traded with up to 100x leverage. BitMEX has been instrumental in popularizing perpetual futures contracts for crypto assets, which have no expiration date and use a funding mechanism to keep the price close to the spot market.
Mini dictionary: A perpetual futures contract is a derivative product that does not have a specific expiration date, unlike classical futures. In this structure, funding payments are generally made at regular intervals to ensure that the price does not break away from the spot market.
Closing calendar and user process
BitMEX stated that transactions will continue until the closing date, but the restriction period will begin on August 26. At this stage, users will only be able to close their existing positions; Opening new positions will not be allowed. The stock exchange will gradually terminate open transactions.
The company noted that some contracts will be automatically liquidated during the closing process, and in case of liquidity insufficiency, some positions may be closed before the deadline. After the transaction window closes, users will be able to log into their accounts, view their balance and transaction history, and withdraw their remaining assets.
BitMEX announced that no new positions can be taken after August 26, users can only close existing transactions, and some contracts may be closed before the deadline depending on the liquidity situation.
Past position and final stage
BitMEX, which was once among the leading platforms in the industry, later fell behind its competitors such as Binance and Bybit. The company came to the fore in 2020 when the founders resigned from their positions following criminal investigations in the USA. The sale of the company was evaluated in 2025, but it was reported that no offer was accepted in this process.
BitMEX claimed that it had been operating without encountering any attacks for more than 11 years of operation. The company also warned users about phishing attempts and withdrawal delays. However, he stated that all assets are covered under the proof of reserve system. It was announced that all previously staked tokens were transferred back to their owners’ wallets.
A $50 monthly custody fee or a 1 percent annual fee will apply to assets remaining in accounts after the closing date; Whichever amount is higher will be taken as basis. As the September deadline approaches, users are expected to reduce their positions and move their funds to other exchanges.
