BitMEX, the cryptocurrency derivatives exchange that basically invented the 100x leverage perpetual swap, is shutting down. The company behind it, HDR Global Trading Limited, announced on Thursday that after a strategic review, they decided to close the platform. Operations will officially stop on September 23, 2026. That’s a little over a year from now.
Effective immediately, BitMEX is no longer accepting new user registrations. So if you weren’t already a customer, you can’t join now.
Trading restrictions and wind-down
Existing users can still trade until August 26, but after that, things change. From August 26, you can only reduce your current positions. No new positions allowed. Then BitMEX will gradually force close outstanding positions ahead of the September 23 deadline. They want an orderly market wind-down. Any positions left at the exact closure time will be automatically closed. For illiquid contracts, they might settle early using existing procedures.
The exchange also said it has unstaked all BMEX tokens held in staking, so those are immediately available to holders. That’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 But here’s a catch: if you haven’t withdrawn your funds before the deadline and you’ve completed KYC verification, you’ll face ongoing custody charges. At least $50 or 1% annually, billed monthly. And they warn those fees could increase later with notice. So better to withdraw early.
BitMEX also warned about phishing attacks trying to exploit the shutdown announcement. They noted that enhanced withdrawal reviews and blockchain confirmation delays might temporarily slow withdrawals. So be patient.
BitMEX’s legacy
The team said they invented the 100x leverage perpetual swap, which became the most traded product in crypto. They take pride in their security record – no funds lost to hacks in over 11 years. That’s pretty impressive compared to many peers.
It’s a bit sad to see an old player leave. But the industry changes quickly. Perhaps the strategic review showed that continuing didn’t make sense financially. Or maybe 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.
