The company did not cite financial difficulties or regulatory action as the reason for the closure. Instead, it described the move as the outcome of a broader strategic assessment.
“Following a strategic review of the business and the broader crypto industry, the board… has decided to close the exchange.”
BitMEX acknowledged the decision was difficult.
“This comes with a heavy heart for all of us at the company and has not been taken lightly.”
Launched in 2014, BitMEX became one of the most influential crypto derivatives exchanges. It introduced the 100x leveraged perpetual swap, a product that later became widely adopted across the industry. The company also highlighted that it had operated for more than 11 years without losing customer funds to a hack.
What Happens Next?
The exchange will continue operating normally until late August before gradually winding down trading.
August 26: New Positions Restricted
Starting August 26 at 04:00 UTC, users will no longer be able to open new positions. They will only be allowed to reduce or close existing trades.
During the wind-down period, BitMEX said it may force-close open positions to ensure an orderly market shutdown.
Any positions still open when the exchange closes on September 23 will be automatically liquidated.
The company also said contracts with limited liquidity may undergo early settlement, with users receiving advance notice.
What Users Should Do
BitMEX is advising customers to:
- Close all open trading positions.
- Withdraw all crypto assets before September 23.
- Watch for phishing scams claiming to offer faster withdrawals.
After the exchange closes, users will still be able to log in to view account balances and transaction history and withdraw remaining assets. The company also confirmed that all previously staked BMEX tokens have already been unstaked and credited back to user accounts.
Fees for Funds Left on the Platform
Users who complete KYC but leave assets on BitMEX after the closure date will face an ongoing custody fee.
The exchange said it will charge the higher of:
-
$50 per month (or equivalent), or
-
1% per year on the remaining account balance,
with the fee applied monthly. BitMEX also warned that these charges could increase in the future if users continue leaving assets on the platform after the closure.
Withdrawal Delays Possible
BitMEX said it expects withdrawal requests to increase as the closure date approaches and warned that additional security checks could slow processing times. The exchange noted that blockchain confirmation times, particularly on Bitcoin, may also cause delays. However, it stressed that customer assets remain fully backed, citing its proof of reserves and liabilities.
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