BitMEX announced that it will permanently shut down its operations on September 23, closing a cycle of more than a decade in the cryptocurrency market.
The decision came from the board of HDR Global Trading Limited, the company that owns and operates the platform, after a strategic review of the business itself and the sector as a whole, according to a statement released on Thursday.
The search for a buyer had been underway since February 2025, when the exchange hired Broadhaven Capital Partners to conduct the negotiations. New user registration was halted immediately.
Founded in 2014 by Arthur Hayes and partners, the exchange was created with the proposal of bringing institutional-grade derivatives to the ordinary investor. The perpetual swap launched there became the most traded contract in the sector and today appears on thousands of platforms.
Its recent history includes the guilty plea, in 2024, for violating the Bank Secrecy Act due to failures in its anti-money laundering program. The fine exceeded US$ 100 million in January 2025, and the co-founders received a pardon from the current U.S. president, Donald Trump, in March of the same year.
Anyone maintaining open positions has about two months to get organized. Starting at 04:00 UTC on August 26, risk limits will prevent new entries and will only allow reduction trades.
Before the shutdown, the platform will forcibly liquidate whatever remains, so that the markets are deactivated in an orderly manner. The company said it will not assume responsibility for losses incurred by those who do not close their positions on time, and all BMEX tokens in staking have already been returned to accounts.
KYC-verified accounts that do not withdraw by the deadline will begin paying monthly US$ 50 or 1% per year on the remaining balance, whichever is greater, with the possibility of adjustment upon notice.
Withdrawals will remain available after the closure, as will balance and history inquiries, although delays related to the network may occur — Bitcoin block confirmation takes up to one hour and limits the processing of the fixed set of addresses.
The exchange called for extra attention to phishing scams that may take advantage of the moment and reinforced that there is no priority or expedited withdrawal.
According to the company, its assets exceed its liabilities, information displayed on the Proof of Reserves and Liabilities page, and no customer funds were lost in cyberattacks throughout its entire operation. The conclusions of the strategic review and any potential buyer interest were not disclosed.