BitMEX, the cryptocurrency derivatives exchange co-founded by Arthur Hayes, is set to shut down on September 23 at 04:00 UTC after more than a decade of operation.
The exchange, owned by HDR Global Trading Limited, will cease operations after 11 years. It was founded in 2014 and introduced the 100x leverage perpetual swap, a product that redefined the global crypto derivatives market.
BitMEX has already halted new user sign-ups. The decision to wind down follows a strategic review, according to a company statement.
BitMEX introduced the 100x leverage perpetual swap, which redefined the global crypto market.
11 years
BitMEX operated for 11 years before its scheduled shutdown.
The shutdown date, set for September 23 at 04:00 UTC, has been reported by multiple sources, though some specify the year as 2026, while one source does not mention the year.
Updates
BitMEX has instructed its users to close all open positions and withdraw their funds prior to the September 23, 2026, shutdown deadline. Following the announcement, the value of the platform's BMEX token dropped by approximately 90%. Additionally, reports indicate that the exchange's market share in Bitcoin futures had experienced a decline.
Following the closure announcement, BitMEX has instructed users to close all open positions and withdraw their funds before the September 23 deadline. The exchange's native BMEX token has seen its value drop by approximately 90% in the wake of the news. Additionally, the platform is facing a proposed class action lawsuit seeking 623 BTC, with allegations that the firm utilized privileged trading access and server freezes to profit from forced liquidations, while data indicates a significant increase in delisted derivative contracts throughout July.
BitMEX has instructed users to close all positions and withdraw funds prior to the September 23 shutdown. Following the announcement, the exchange's native BMEX token plummeted by approximately 90%. Additionally, the platform delisted 65 derivative contracts and trading pairs in July alone, while analysts link the closure to rising regulatory costs and market shifts. A proposed class action lawsuit has also emerged, seeking 623 BTC over allegations of unfair trading practices.
Following the closure announcement, BitMEX has instructed users to withdraw all funds and close open positions by the September 23 deadline. The platform's native BMEX token has seen its value plummet by approximately 90%, while analysts suggest the shutdown is driven by increasing regulatory costs and a shift toward licensed trading venues. Additionally, the exchange faces a proposed class action lawsuit seeking 623 BTC over allegations of unfair trading practices, and data reveals a sharp increase in delisted contracts, with 65 pairs removed in July alone compared to 19 in the first half of the year.
