HDR Global Trading Limited announced Thursday, July 23, that it will permanently close the BitMEX cryptocurrency derivatives exchange on Sept. 23, 2026. The decision follows a strategic review of the business and the evolving crypto landscape. BitMEX pioneered cryptocurrency derivatives trading and invented the 100x leverage perpetual swap that transformed the industry.
BitMEX Sets Phased Wind-Down Schedule Through Sept. 23, 2026
BitMEX halted all new user account registrations effective immediately following the announcement. Starting Aug. 26, 2026, risk controls will restrict accounts to position reductions only, preventing users from opening new trades. The platform will initiate forced liquidations on open positions starting Aug. 26, 2026. On Sept. 23, 2026, all remaining open positions will be forcibly closed immediately.
All staked BMEX utility tokens have been unstaked and returned to user wallets for immediate withdrawal. Following Sept. 23, 2026, account holders will retain read-only access to view historical data and process withdrawals. Accounts holding unwithdrawn funds after Sept. 23 will be subject to a recurring account maintenance fee of $50 equivalent or 1% per annum (whichever is greater) charged monthly.
Exchange Implements Security Reviews and Warns Against Scams
BitMEX applied additional security reviews to all withdrawal requests. The exchange warned users to exercise caution regarding potential scams and phishing campaigns seeking to capitalize on the closure news. The company clarified that no expedited or priority withdrawal services exist.
"We are mindful that a wind down of an exchange can generate additional risks to users' funds by bad actors trying to take advantage of what they assume may be uncertainty," the exchange stated. The platform noted that increased processing volume and network congestion on blockchains like Bitcoin may cause temporary delays. BitMEX reassured users that its assets fully exceed liabilities according to its proof-of-reserves audit.
BitMEX Legacy: 100x Perpetual Swaps and Zero Security Breaches
"When BitMEX started in 2014, our mission was simple: provide access to professional-grade crypto derivatives for everyone," the company stated. BitMEX gained renown as the inventor of the 100x leverage perpetual swap, a financial product that was subsequently adopted across the industry. The exchange highlighted its safety record, noting zero customer funds were lost to security hacks across its 11-year history.
FAQ
What is the final deadline for BitMEX users to close positions?
Users must exit positions before Aug. 26, 2026, when risk controls restrict accounts to position reductions only. All remaining open positions will be forcibly closed on Sept. 23, 2026.
What fees apply to unwithdrawn funds after BitMEX closes?
Accounts holding unwithdrawn funds after Sept. 23, 2026, will be subject to a recurring account maintenance fee of $50 equivalent or 1% per annum (whichever is greater) charged monthly.
Did BitMEX experience any security breaches during its operation?
BitMEX noted zero customer funds were lost to security hacks across its 11-year history from 2014 to closure.
