BitMEX, the Seychelles-based crypto derivatives platform co-founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, has formally ended all exchange trading and deposit services. The shutdown took effect at 04:00 UTC on September 23, 2026, concluding more than 11 years of operations for a venue that helped establish perpetual swaps as a core product in digital asset markets.

Users can still log in through the website to view balances, review transaction histories and withdraw funds. The platform confirmed that customer assets remain fully backed and that no funds have been lost to hacks during its history. Deposits sent after the closure time will not be credited and may prove unrecoverable.

Phased Wind-Down and Remaining Access

The closure followed a two-month transition period that began with the July 23 announcement by HDR Global Trading Limited, BitMEX’s owner and operator. The decision resulted from a strategic review of the business and the wider crypto industry. The company stated the move was unrelated to legal or regulatory matters.

During the wind-down, BitMEX progressively removed markets. Major Bitcoin and Ethereum perpetual swaps and futures settled in mid-September. Remaining spot pairs and the Convert service were discontinued shortly before the final deadline. Risk limits introduced in late August restricted users to reducing existing positions only. Any open contracts at 04:00 UTC on September 23 were force-closed at the applicable settlement prices under standard procedures.

Application programming interface withdrawals will remain available until 04:00 UTC on September 28. After that date, users must process all withdrawals exclusively through the website. Multi-network options for certain stablecoins and ether will also end, limiting those assets to the Ethereum network.

Legacy of Perpetual Swaps and Market Position

Launched in 2014, BitMEX popularized the perpetual swap contract, an instrument without expiry that uses periodic funding payments to track the underlying asset price. The product offered leverage of up to 100 times and became a dominant form of crypto derivatives trading across centralized and decentralized venues.

At its peak, the exchange handled substantial volumes. By the time of the closure announcement, daily trading activity had declined sharply, with market share reported below 0.01 percent. Larger centralized platforms and decentralized perpetual venues captured the bulk of industry volume in recent years.

Before deciding on a full shutdown, BitMEX spent roughly two years exploring a sale. Discussions involved other exchanges and at least one wallet provider, with reports of a target valuation near $1 billion. No agreement was reached. Founder ownership stakes were cited as a complicating factor in the process.

Ongoing Legal Matters

The final days of trading coincided with fresh litigation. The Celsius bankruptcy estate filed a lawsuit against several BitMEX-linked entities over liquidations of approximately 6,360 bitcoin during the March 2020 market crash. The complaint seeks recovery valued near $495 million at the time of filing and alleges improper design of liquidation procedures. The claims remain at an early stage, and no liability has been established.

BitMEX previously resolved U.S. criminal charges related to Bank Secrecy Act violations. The company paid a $100 million penalty and received probation. Its co-founders and certain executives later received presidential pardons.

Throughout the wind-down, BitMEX has directed users to withdraw remaining funds promptly and has warned against phishing attempts that claim to offer priority access or recovery assistance. The post-closure interface is limited to balance checks, records and withdrawals.