BitMEX to close permanently in September after strategic review
BitMEX, the exchange that pioneered the crypto perpetual swap, will shut down permanently after an 11-year run, closing a chapter on one of the industry's most influential yet legally troubled platforms.
BitMEX will close its exchange permanently on Sept. 23, ending an 11-year run. The platform's owner, HDR Global Trading Limited, halted new account registrations immediately following a Thursday board announcement.
The shutdown follows a strategic review initiated when the company retained Broadhaven Capital Partners in February 2025 to run a sale process. BitMEX did not disclose whether that process produced a bidder, leaving the precise reason for the closure unstated.
The platform fundamentally shaped crypto trading after Arthur Hayes co-founded it in 2014. BitMEX built and popularized the 100x leverage perpetual swap, a product that has since become the most traded instrument in digital assets and is now offered by thousands of competing venues.
However, the exchange's trajectory shifted under severe regulatory pressure. BitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act due to an inadequate anti-money laundering program. It was hit with an additional $100 million fine in January 2025, though former President Donald Trump pardoned the co-founders in March 2025.
The wind-down imposes strict timelines for active traders. Starting Aug. 26 at 04:00 UTC, BitMEX will apply risk limits that block new positions and permit only reduce-only trades to ensure an orderly market contraction. Any positions still open at the Sept. 23 deadline will be force-closed immediately, and the exchange disclaimed liability for resulting trading losses.
KYC-verified users have a strong financial incentive to move their funds promptly. Anyone leaving assets on the platform after the closure will face a monthly account fee of the greater of $50 or 1% per year, with the warning that these fees could increase over time. All staked BMEX tokens have already been unstaked and returned to holder accounts.
Withdrawals will remain functional post-shutdown, though BitMEX warned of potential processing delays caused by Bitcoin network congestion and its fixed pool of addresses. The exchange noted that its assets exceed liabilities according to its Proof of Reserves page, emphasizing it has never lost customer funds to a hack. It also cautioned users about potential phishing scams exploiting the closure.
