BitMEX sets September date to close its crypto exchange
The derivatives venue says it has stopped new registrations and will restrict positions before winding down the platform after a strategic review.
By The Third AnglePublished 2 min read
A financial-market display used as an illustrative image for the BitMEX closure; it does not depict the exchange. Photo: Unsplash · Unsplash License
BitMEX plans to close its crypto exchange on Sept. 23 at 04:00 UTC, ending the platform's operation after more than a decade in digital-asset derivatives. In a July 23 notice to users, the company said the board of HDR Global Trading Limited made the decision after a strategic review of the business and the broader crypto industry.
BitMEX said it has stopped new account registrations. The exchange will continue operating until the closure date, but it plans to impose risk limits on Aug. 26 that will prevent users from opening new positions. Remaining positions can then be force-closed at the closure time.
A managed wind-down
The company describes the move as a business shutdown rather than a hack or insolvency filing. BitMEX said its security record includes no funds lost to hacks during its operating history, but the notice does not name a buyer or successor platform and gives no more specific reason than the strategic review.
The closure is notable because BitMEX helped popularize high-leverage perpetual swaps, a product now offered across much of the crypto market. Its exit removes one of the older venues from a derivatives sector that has shifted toward larger exchanges and decentralized alternatives.
The dates for users
BitMEX says withdrawals will remain available during the wind-down. KYC-verified users who leave assets on the platform after the closure time may face an account fee of $50 equivalent or 1% a year, whichever is greater, according to the notice. The company also says open positions can be force-closed and early settlement procedures may apply to contracts with limited liquidity.
The immediate dates are the Aug. 26 trading restrictions and the Sept. 23 platform closure. BitMEX says users will still be able to log in after the closure to view balances and transaction history and request withdrawals, but the final settlement and withdrawal processing conditions remain operational details to watch.
