BitMEX to Shut Down Exchange Following Parent Company's Approval

BitMEX will permanently close its cryptocurrency derivatives exchange after its parent company, HDR Global, approved a wind-down plan stemming from a strategic review. The move ends more than 11 years of operations, during which BitMEX pioneered the 100x leveraged perpetual swap and said it went more than a decade without losing customer funds in a successful hack. The company said the decision reflects shifting business priorities and broader changes across the crypto industry. New account registrations have been halted with immediate effect. Existing users can still access accounts to manage positions and withdraw assets until the scheduled shutdown. Trading services will be scaled back in phases ahead of the final closure. From August 26 at 04:00 UTC, users will no longer be able to open new positions and will only be permitted to reduce or close existing trades. BitMEX also plans to gradually force-close open positions to support an orderly market exit, and any positions still open at the official closure time will be closed automatically. Low-liquidity contracts may be settled early, with impacted users to be notified in advance through the firm's standard communication channels. BitMEX said users remain responsible for managing positions ahead of the stated deadlines. BitMEX also introduced fees for accounts that keep assets on the platform after closure. KYC-verified accounts with remaining balances will be charged a monthly fee of $50 or an annual fee equal to 1% of holdings, whichever is higher. The exchange said it may raise these fees after providing prior notice. The company cautioned that the shutdown announcement could spur phishing attempts. It said there is no "priority withdrawal" service and warned that elevated withdrawal volumes may trigger additional security reviews and longer processing times on certain blockchain networks. BitMEX urged customers to close positions and withdraw funds promptly as the wind-down proceeds.