Key facts
- BitMEX has ceased all exchange operations after more than 11 years.
- Users can still withdraw funds via the website.
- API withdrawals will be disabled on September 28.
- The closure is due to a strategic review by owner HDR Global Trading Limited.
- Users with remaining balances face a monthly fee of 1% a year or $50, whichever is greater.
BitMEX, a prominent crypto derivatives exchange, has officially ceased all trading and deposit operations after more than 11 years in business. The platform announced its closure on Wednesday, urging users to withdraw their remaining funds. While trading is no longer possible, users can still access their accounts and process withdrawals through the BitMEX website. The exchange plans to disable application programming interface (API) withdrawals on September 28, requiring all remaining withdrawals to be handled via the web platform. Users who leave balances behind will face a monthly fee of 1% a year or $50, whichever is greater, which BitMEX stated will rise over time. According to BitMEX, its owner, HDR Global Trading Limited, decided to close the exchange following a strategic review of the business and the broader cryptocurrency industry. The company emphasized that the closure is not related to any legal or regulatory issues. Founded in 2014, BitMEX was instrumental in popularizing the perpetual swap, a futures contract with no expiry date that offered up to 100x leverage. The exchange pleaded guilty in 2024 to Bank Secrecy Act violations and paid $100 million in penalties, and its co-founders Arthur Hayes, Ben Delo, and Samuel Reed were pardoned by President Donald Trump in 2025. Ben Delo has since donated £8 million to Nigel Farage's Reform UK party.