BitMEX to Shut Exchange on September 23 After Buyer Search Fails

The exchange never fully recovered its market position after the scandal. It lost its lead in the derivatives market to Binance, Bybit, and OKX.

BitMEX had been looking for a buyer since February 2025, when it retained Broadhaven Capital Partners to run a sale process. The search failed. In late June 2026, BitMEX cleared out its top ranks at once, with CEO Stephan Lutz, CFO Ina Steiner, and Chief Growth Officer Raphael Polansky all departing. Peter Wilkinson, who previously served as the firm’s global general counsel and chief operating officer, stepped into the CEO seat.

Starting August 26, 2026, BitMEX will impose risk limits that block traders from opening new positions. From that point, users can only reduce existing positions. The exchange will then force close positions gradually to wind the market down in an orderly way. Once the exchange shuts down in September, any positions still open at that moment will be liquidated on the spot. BitMEX said it takes no responsibility for losses tied to a user’s failure to exit in time.

After the shutdown, users will still be able to log in to their accounts to check balances, review transaction history, and move funds out. All staked BMEX tokens have already been unstaked and returned to holder accounts. KYC-verified customers who leave assets on the platform past the deadline face a monthly charge of $50 or 1% per year, whichever is larger, applied to whatever balance remains. The fee is deducted monthly and could increase over time for accounts that stay funded.

BitMEX warned users to watch for scams during the wind-down, saying no priority withdrawal service exists. The company also said its reserves cover all customer liabilities, pointing to its Proof of Reserves page. CoinMarketCap data listed total exchange assets at roughly $1 billion.