BitMEX Shuts Down All Exchange Operations After Two-Month Wind-Down

BitMEX, the crypto exchange that pioneered the perpetual swap and 100x leverage, closed all trading operations at 04:00 UTC on Wednesday, September 23, 2026, completing a two-month wind-down. Trading, deposits and new positions are no longer available, though users can still log in and withdraw funds. The company said customer funds remain safe and urged prompt withdrawals. Deposits are no longer credited. Users who completed KYC now face an account fee of 1% annually or $50, whichever is greater, charged monthly, with the fee set to rise over time. BitMEX also warned of phishing scams promising faster withdrawals. Owner HDR Global Trading attributed the July closure to a strategic review of the business and industry. Founded in 2014, BitMEX invented the perpetual swap, a no-expiry futures contract offering up to 100x leverage. The exchange pleaded guilty in 2024 to Bank Secrecy Act violations and paid $100 million in penalties. In March 2025, President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed.