Crypto▼ Bearish
BitMEX to Shut Down Exchange on September 23 After 11 Years
BitMEX will shut down on September 23 after 11 years. Users must withdraw funds before the deadline; the exchange holds $1.037B in reserves against $1.016B in liabilities.
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BitMEX, the crypto exchange co-founded by Arthur Hayes in 2014, will shut down its platform on September 23. The parent company HDR Global Trading Limited said it reviewed business conditions and the broader crypto industry and decided to close the exchange after 11 years.
New account registrations have already been halted. Users can withdraw funds immediately. Risk limits kick in on August 26, and any positions still open at the closure deadline will be force-closed, the exchange said.
"We continue to take pride in our robust security posture, which, unlike many of our peers, has resulted in BitMEX experiencing zero funds lost to hacks during its entire operating history of over 11 years," the exchange stated.
BitMEX introduced the crypto industry's first perpetual swap and was once one of the world's dominant derivatives exchanges. It lost market share to Binance and Bybit over time. Hayes and the other co-founders stepped down after U.S. criminal charges in 2020. An effort to sell the exchange in 2025 did not result in an announced deal.