BitMEX Shuts Down After 11 Years as Trading Services End – CoinCentral

TLDR

• BitMEX is ending exchange operations on September 23 after more than 11 years in crypto derivatives.
• Spot, conversion and major derivatives markets have already been removed ahead of the final shutdown.
• Any remaining open positions will be closed using the relevant settlement price when operations end.
• Customers will still be able to withdraw funds after closure, although account fees and additional verification requirements may apply.
• BitMEX reportedly sought a buyer at a valuation near $1 billion but failed to complete a sale.

BitMEX is shutting down its cryptocurrency exchange after more than 11 years of operation, bringing an end to one of the best-known names in crypto derivatives. The platform is scheduled to formally cease exchange services at 04:00 UTC on September 23.

BitMEX’s exchange operations have officially ended as of 04:00 UTC today, 23 September 2026.

Your funds remain completely safe. Login and withdrawal capabilities remain available, and we strongly encourage all users to withdraw their remaining withdrawable balances as soon as… https://t.co/Pah1NpTJ6I

— BitMEX (@BitMEX) September 23, 2026

The closure follows a gradual wind-down that has already removed most of the exchange’s trading products. Major Bitcoin and Ethereum derivatives were settled on September 16, spot trading ended on September 21 and the Convert service closed on September 22.

BitMEX Trading Comes to an End

Any positions still open when the exchange closes will be force-settled using the relevant contract price or index under BitMEX’s existing procedures. The company had previously prevented users from opening new positions while allowing them to reduce existing exposure.

BitMEX will continue operating a limited website after the shutdown so customers can check balances, view transaction histories and withdraw remaining assets. Deposits sent after the closure time may not be credited and could be unrecoverable.

Customers who leave funds on the platform after September 23 will face account charges. Verified accounts with remaining balances will be charged monthly based on the higher of $50 or an annual rate of 1%.

API withdrawals will remain available until September 28, after which the website will become the main withdrawal route. BitMEX is also limiting withdrawals of USDT, USDC and ETH to the Ethereum network from that date.

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Failed Sale Preceded BitMEX Closure

BitMEX reportedly spent around two years exploring a sale before deciding to shut down. Rival exchanges and wallet company Exodus were among the parties linked to discussions, while BitMEX was said to be seeking a valuation of roughly $1 billion.

Those talks ended without an agreement. Declining trading activity also reduced the exchange’s position in a market increasingly dominated by larger centralized exchanges and newer decentralized perpetual platforms.

BitMEX futures volume had exceeded $100 billion a month during parts of 2021 but fell sharply in later years. Kaiko data cited in the reports showed daily trading volume at roughly $400,000 and market share below 0.01% when the closure was announced.

Despite its decline, BitMEX played an important role in crypto trading history. Its XBTUSD contract helped popularize perpetual swaps, which have no expiry date and use recurring funding payments to keep prices close to the underlying asset.

Users Warned About Withdrawals and Scams

BitMEX has urged remaining customers to withdraw their assets and remain alert for phishing attempts. The company said it does not offer priority withdrawals and warned users against messages promising faster access to funds.

Some returning customers may also need to update their identity-verification information before withdrawing. Additional security checks, test transactions and minimum withdrawal amounts may apply depending on the account and asset.

BitMEX says customer assets remain fully backed and noted that it did not lose customer funds to hacks during more than 11 years of operation. The company pointed to its proof-of-reserves and liabilities records during the wind-down.

The September 23 closure brings the trading life of BitMEX to an end, although customers with funds remaining on the platform will continue to have access to withdrawal services.