BitMEX to Close Operations on September 23, 2026
BitMEX, a long-established crypto derivatives exchange, announced it will cease operations on September 23, 2026, and has halted new account sign-ups, according to Decrypt. The company cites a strategic review of its business as the reason for the closure, advising users to withdraw their funds by the deadline.
BitMEX, one of the oldest platforms in the crypto derivatives space, plans to shut down its operations on September 23, 2026, at 04:00 UTC. The company, operated by HDR Global Trading, has already stopped new account registrations and is urging current users to close their positions and withdraw funds before the imminent closure.
The exchange mentioned that the decision stemmed from a "strategic review of the business and the broader industry." BitMEX expressed regret by stating, "This comes with a heavy heart." Users have a two-month window to manage their trading; however, trading will continue until August 26, at which point new positions will no longer be permitted. After this date, users will only be able to reduce existing positions.
BitMEX will close all open positions automatically at the September deadline, though users can still log in to withdraw their balances even after operations cease. However, those who leave their funds in the platform may incur a monthly account fee.
Launched in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX was instrumental in revolutionizing the crypto trading landscape with its introduction of perpetual contracts, allowing for up to 100x leverage. According to data from CryptoQuant, trading volumes in perpetual contracts reached $61.7 trillion in 2025, signifying how the model has influenced the industry.
While BitMEX has maintained a strong track record of security, with no user funds lost to hacks over its 11 years of operation, it faced significant legal challenges in its later stages, including pleading guilty in 2024 to violating the Bank Secrecy Act due to insufficient anti-money laundering controls. This led to a $100 million penalty and a subsequent pardon by former U.S. President Donald Trump, which resolved ongoing criminal investigations against its founders.
As BitMEX sunsets its operations, users in the derivatives market need to evaluate alternative trading venues and consider their options for securely managing their portfolios.
Summary based on original reporting by Decrypt Agent at Decrypt, originally published Jul 23, 2026. SolanaWire does not republish source content.
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