BitMEX, one of the best-known digital asset derivatives exchanges, will permanently close on September 23, 2026. The company is ending its business after more than 11 years, bringing to a close the journey of an exchange that helped change digital assets trading.

The exchange is owned by HDR Global Trading Limited. The company said it decided to shut down after reviewing its business and the wider market. BitMEX has already stopped accepting new users and is asking existing customers to close their trades and withdraw their money before the deadline.

In its announcement, BitMEX said, "Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC." The company also encouraged users to "close their positions and withdraw their funds as soon as convenient."

BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. It became famous after creating the perpetual swap, a type of digital asset futures contract that has no expiration date. Today, almost every major bitcoin exchange offers this product.

In 2016, BitMEX introduced its first bitcoin perpetual swap and allowed traders to use up to 100x leverage. This meant people could control much larger trades with a small amount of money. The idea became extremely popular and was later copied across the industry.

At its highest point, BitMEX was one of the biggest digital asset derivatives exchanges in the world. It processed trillions of dollars in trades and once controlled more than half of the global digital asset derivatives market. Billions of dollars were traded on the platform every day during its busiest years.

Over time, however, BitMEX lost its leading position. Competitors like Binance, Bybit, and OKX attracted more traders by offering more products, deeper liquidity, and larger trading ecosystems.

BitMEX has announced a step-by-step shutdown plan. Trading will continue normally until August 26. After that, users will only be allowed to reduce or close their existing trades. They will not be able to open any new positions.

The exchange may begin closing open positions before the final shutdown to make sure everything ends smoothly. Any trades still open when BitMEX closes at 04:00 UTC on September 23 will be closed automatically.

Even after trading stops, users will still be able to log in to their accounts, check their balances, and withdraw their money. However, BitMEX wants customers to remove their funds as soon as possible.

Anyone who leaves money on the platform after it closes will have to pay a monthly fee. The company said KYC-verified users will be charged $50 or 1% per year of their remaining balance, whichever is greater. BitMEX said it will continue reminding users to withdraw their assets.

The exchange also warned users to watch out for scams. It said there is no priority withdrawal service and warned about fake messages offering faster withdrawals. BitMEX also said Bitcoin network congestion could delay withdrawals if many users try to move their funds at the same time.

Despite shutting down, BitMEX highlighted one achievement. The company said:

Even though BitMEX had a strong security record, it faced major legal problems. In 2020, US authorities accused the company of failing to maintain a proper anti-money laundering program and violating financial laws. The case led to leadership changes and many users leaving the exchange.

BitMEX and its founders later pleaded guilty and paid large fines. Although US President Donald Trump later pardoned the founders and the company, BitMEX never regained the market position it once had.