BitMEX is set to cease trading in two months and begin restricting new positions in August as it winds down its operations.
BitMEX will shut down its crypto exchange on Sept. 23, ending more than 11 years of operations and urging users to close positions and withdraw their assets before the deadline.
HDR Global Trading Limited, the Seychelles-based company that owns BitMEX, decided to close the platform following a review of the business and the broader crypto industry, the company wrote in a Thursday blog announcement. The company didn’t provide a more specific reason for the decision.
The exchange will continue operating until Sept. 23, though users will no longer be allowed to increase their positions after Aug. 26.
From that point, BitMEX will begin closing existing positions as part of the wind-down, while any positions still open at the final deadline will be forcibly closed. And users who leave funds behind may have to pay for it.
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What Happens to Remaining Funds
Verified customers who haven’t withdrawn by the closure date will be charged either $50 or 1% annually on their remaining balance, whichever is higher, with the fee collected monthly. Withdrawals will remain available after the exchange closes.
Founded in 2014 by Arthur Hayes, Benjamin Delo and Samuel Reed, BitMEX helped popularize perpetual swaps and high-leverage Bitcoin trading.
All three founders pleaded guilty in 2022 to violating the U.S. Bank Secrecy Act by failing to maintain an anti-money-laundering program. President Donald Trump pardoned them in March 2025.
BitMEX was also fined $100 million in 2021 by the CFTC and FinCEN, and then ordered to pay an additional $100 million criminal fine by a federal judge in January 2025. Both penalties were issued because the exchange willfully failed to implement legally required anti-money laundering and KYC programs.
The closure also follows several rounds of contract cuts. BitMEX removed eight derivatives contracts in May and another 21 in July, citing “insufficient trading interest.” Users will still be able to access account balances after the shutdown.
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