BitMEX, the cryptocurrency derivatives exchange that essentially invented the 100x leveraged perpetual swap, is shutting down. The company behind it, HDR Global Trading Limited, announced on Thursday that after a strategic review, it had decided to shut down the platform. Operations will officially stop on September 23, 2026, in just over a year.
Effective immediately, BitMEX is no longer accepting new user registrations. So if you’re not already a customer, you can’t sign up now.
Trading Restrictions and Liquidation
Existing users can still trade until August 26, but after that things change. From August 26, you will only be able to reduce your current positions. No new positions authorized. Then, BitMEX will gradually force the closing of outstanding positions before the September 23 deadline. They want an orderly liquidation of the market. All positions left at the exact closing time will be automatically closed. For illiquid contracts, they could be settled sooner using existing procedures.
The exchange also said it has removed all BMEX tokens held in staking, so they are immediately available to holders. It’s a nice gesture.
Withdrawals and custody fees
After the exchange closes, users can still log in to view balances, transaction history, and withdraw remaining assets. But here’s a catch: if you haven’t withdrawn your funds before the deadline and completed KYC verification, you will face ongoing custody fees. At least $50 or 1% per year, billed monthly. And they warn that these fees could increase later with notice. So it’s better to retire early.
BitMEX also warned of phishing attacks attempting to exploit the shutdown announcement. They noted that improved withdrawal reviews and blockchain confirmation times could temporarily slow withdrawals. So be patient.
The legacy of BitMEX
The team said they invented the 100x leveraged perpetual swap, which has become the most traded product in crypto. They are proud of their security record: no money has been lost to hacks in over 11 years. That’s pretty impressive compared to many peers.
It’s a bit sad to see a former player leave. But the sector is changing quickly. Perhaps the strategic review showed that continuing did not make financial sense. Or perhaps regulatory pressures? We don’t know.
Either way, if you have funds on BitMEX, start planning your withdrawal now. Don’t wait until the last minute.
