BitMEX to Close After 11 Years in Operation

Crypto derivatives venue BitMEX will cease operations after HDR Global Trading Limited, its owner and operator, completed a strategic review of the business. The company said trading will end on Sept. 23, 2026, and urged customers to close open positions and withdraw funds ahead of the shutdown. BitMEX said client assets will remain secure and accessible throughout the wind-down. Founded in 2014 by Arthur Hayes, Benjamin Delo and Samuel Reed, BitMEX became one of the most influential early platforms in crypto derivatives and helped popularize leveraged trading. In May 2016, it introduced the XBTUSD perpetual swap, enabling traders to take leveraged exposure to Bitcoin without managing a contract expiry. Perpetual swaps later became one of the most actively traded instruments in crypto markets. BitMEX also pointed to its security track record, saying no customer cryptocurrency was lost to hacking over its 11-year run. The exchange's history was also marked by regulatory scrutiny. In 2021, BitMEX entities agreed to pay a $100 million civil penalty to settle charges from the Commodity Futures Trading Commission and the Financial Crimes Enforcement Network. HDR Global Trading was fined an additional $100 million in January 2025 after pleading guilty to violating the Bank Secrecy Act for failing to maintain an adequate anti-money-laundering program. Customers now have roughly two months to settle accounts, close positions and transfer remaining assets off the platform.