BitMEX, co-founded by Arthur Hayes in 2014, redefined the global cryptocurrency market by introducing the 100x leveraged perpetual swap.
BitMEX,the crypto derivatives platform that permanently transformed the structure ofthe global market by inventing the perpetualswap, announced onThursday that it will cease operations on September 23.
“Today,with a heavy heart,we announce that the BitMEXexchangewill cease operations, effective September 23, 2026 at 04:00:00UTC,” the platform informed users. “As oftoday,we strongly encourage all usersto close their positions and withdrawtheirfunds assoon as possible.”
Userswho do not withdrawtheir assets before the deadlinewill face automatic financial penalties, asthe exchangewill charge a monthly maintenance fee of $50 or an annualized levy of1%on their assets,the exchange indicated in an emailto account holders,the publication noted.
BitMEX's decision to shut down comes after years of ceding the perpetual businessit pioneered to more agile centralized rivals and a newwave of decentralized derivatives platforms, asliquidity, market makers and whales migrated to platformswith deeper order books, more listings and fewerlegal burdens.
The exchange hasimmediately halted all newaccount registrationsfollowing a strategic reviewofthe business by its parent company, HDRGlobalTrading Limited. The liquidation ends an 11-yearrun forthe Seychelles-based platform,which debuted in 2014 and pioneered the essential infrastructure for modern digital asset derivatives trading.
The liquidation necessitates an immediate reduction ofrisk acrossthe entire system. While standard tradingwill continue forthe next fewweeks,the platform will implement strict limits onAugust 26 to prevent usersfrom opening newpositions. Between that date and the end of September,traderswillsystematically close all remaining open contractsto ensure an orderly market closure.
The main challenge BitMEXfacesis howuser assets are transferred, as network congestion on the Bitcoin blockchain could cause significant withdrawal delays. However,the company's current proof ofreservesindicatesthat the platform's liabilitiesfully cover customer assets.
This exit marksthe end of an 11-yeartrajectory forthe digital asset derivatives market,which maintained an impeccable security record and did not lose userfunds due to hacks orsmart contract exploitations, despite facing years of intense regulatory action by global authorities.
The news comesjust threeweeks after BitMEXlostits chief executive officer, chief financial officer, and head of growth.
The cryptocurrency exchange and derivativestrading platform was co-founded in 2014 byArthur Hayes, BenDelo, and Samuel Reed. In 2020, BitMEXwas accused of failing to implement adequate anti-money laundering measures and subsequently pleaded guilty to the charges. Hayes,Delo, and Reed resigned shortly aftertheUnited States filed criminal charges.
At its peak during the 2019 market expansion,the exchange handled over $1trillion in annualtrading volume, capturing approximately 57%ofthe global crypto derivatives market share.Daily trading volumesreached as high as $8 billion in July 2018, breaking industry records by exceeding one million bitcoinstraded daily (worth over $8 billion at the time).
Source:
Acuna O. (july 23th, 2026). BitMEX,the exchange thatinvented perpetual shares, isclosing. CoinDesk. Available on: https://www.coindesk.com/es/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23.
