The shutdown will bring one of the most influential chapters in crypto derivatives trading to a close.
BitMEX, one of the earliest cryptocurrency derivatives exchanges and the platform that introduced the 100x perpetual swap, has announced it will permanently shut down on September 23 after deciding to wind down its business.
The exchange has operated for more than 11 years, making its closure a significant moment for the cryptocurrency industry.
BitMEX Confirms Shutdown
In a statement released today, BitMEX said it will officially cease operations on September 23 at 04:00 UTC. Its parent company, HDR Global Trading Limited, explained that the decision followed a comprehensive strategic review of both the business and the broader crypto market.
The exchange has already stopped accepting new account registrations and is advising existing users to close all open positions and withdraw their funds before the deadline.
Founded in 2014, BitMEX played a pivotal role in shaping the modern crypto derivatives market. It pioneered the 100x leveraged perpetual swap, an innovation that later became the industry benchmark and was widely adopted by leading derivatives exchanges. At its peak, BitMEX ranked among the world’s largest crypto trading platforms, attracting professional traders with deep liquidity and sophisticated trading features.
The company also highlighted its strong security track record, noting that no customer funds were ever lost in a hack throughout its years of operation.
Why BitMEX Is Closing
Although BitMEX experienced rapid growth in its early years, it came under scrutiny from United States authorities in 2020 over anti money laundering violations related to insufficient Know Your Customer procedures. The company later reached a settlement with US regulators, while former CEO Arthur Hayes and several other executives pleaded guilty to violations of the Bank Secrecy Act.
While the exchange continued operating after resolving those legal issues, it gradually lost market share as new competitors gained traction.
BitMEX said trading services will remain available over the coming months, although restrictions will be introduced in stages. Beginning August 26, users will no longer be able to open new positions and will only be allowed to reduce existing ones. After the official shutdown on September 23, customers will still be able to log into their accounts to check balances, review transaction history, and withdraw any remaining assets.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
