Key Insights: BitMEX will permanently close its crypto exchange on September 23 after a strategic business review. Customer funds remain safe as users are asked to close positions and withdra
BitMEX will close its exchange on September 23 after more than 11 years in business. The company said the move follows a strategic review and asked users to close open positions and withdraw their funds early while assuring customers that their assets remain safe.
BitMEX will shut down its exchange on September 23, bringing an end to more than a decade of operations in the crypto market. The company said its owner and operator, HDR Global Trading Limited, decided after carrying out a strategic review of the business.
Trading on the platform will officially end at 04:00 UTC on September 23. The exchange has also stopped accepting new user registrations as it begins the process of closing the business.
In a message to customers, BitMEX said the decision was not an easy one. The exchange thanked users who traded on the platform over the years and said it was proud of what it achieved during its time in the industry.
The company said one of its biggest contributions was introducing the 100x leverage perpetual swap. According to BitMEX, many traders used the product as their first entry into crypto derivatives trading. It added that perpetual swaps later became one of the most widely traded products in the crypto market and are now offered by many exchanges.
Crypto Exchange BitMEX Shutdown Update | Source: BitMEX BitMEX also pointed to its security record. The exchange said it never lost customer funds to hackers during its years of operation. The platform was co-founded by Arthur Hayes in 2014 and later became one of the best-known names in crypto derivatives trading. Over time, however, larger rivals such as Binance and Bybit gained a bigger share of the market.
Wu Blockchain also noted that Hayes and his co-founders Benjamin Delo and Samuel Reed stepped down after facing criminal charges in the United States in 2020.
BitMEX said customer funds are safe and remain under the control of users throughout the shutdown process. The exchange asked customers to close any open positions and withdraw their assets as soon as it is convenient. It explained that the early announcement gives users enough time to complete the process before trading comes to an end.
The company said the shutdown notice should not be taken as a sign that customer assets are at risk. Instead, it said the goal is to allow withdrawals to take place in an orderly way before the exchange goes offline. BitMEX also directed users to its official blog, where it shared more details about the closure process and the steps customers should follow.
The company ended its message by thanking traders for their support over the last 11 years. It said many well-known traders had used the platform and added that its team appreciated everyone who helped build the BitMEX community.
Before announcing its closure, BitMEX was still operating as a crypto derivatives exchange, although its trading activity was much lower than in its early years. The exchange reported a 24-hour trading volume of about $115.66 million, equal to 1,761 BTC per CoinMarketCap data. Open interest stood at about $180.69 million, while the platform listed 45 markets.
BitMEX also showed maker fees of 0.1% and taker fees of 0.1%. While the exchange is now preparing to close, its place in crypto history remains important. It helped make perpetual futures popular at a time when the market was still developing.
After more than 11 years, BitMEX is now preparing to end its journey, with customers expected to complete withdrawals before the final shutdown date.
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