BitMEX
| Trading name | HDR Global Trading / BitMEX |
| Industry | Crypto derivatives exchange |
| Founded | 2014 |
| Defunct | 23 September 2026 (exchange Closure Time) |
| Website | bitmex.com |
BitMEX was a crypto derivatives trading platform operated in the HDR Global Trading group. On 23 July 2026 BitMEX announced it would close the exchange. Risk limits stopping new positions applied from 26 August 2026 04:00 UTC, with exchange services ending at 23 September 2026 04:00 UTC (the Closure Time). New registrations stopped with the announcement. Users were told to withdraw remaining funds only through official BitMEX channels.[1][2]
History
The platform started in 2014 with a mission to provide professional-grade crypto derivatives access. BitMEX is credited with inventing the high-leverage perpetual swap product later widely copied, and claims zero funds lost to hacks over more than eleven years of operation.[1]
Products
BitMEX was known for crypto derivatives, especially high-leverage perpetual swaps and related futures-style contracts, aimed at professional and active traders. Exact contract specs, leverage caps, and geographic access rules changed over the platform's life and are not inventoried here from secondary sources.[1]
Wind-down timeline
| Date (UTC) | Event |
|---|---|
| 23 July 2026 | Public closure announcement. New account registrations stopped immediately.[1] |
| 26 August 2026 04:00 | Risk limits / reduce-only: users cannot open or increase positions (only reduce or close). BitMEX may force-close positions toward an orderly wind-down.[1] |
| 23 September 2026 04:00 | Closure Time: no further exchange services other than holding remaining user assets for withdrawal. Remaining open positions are force-closed.[1] |
After Closure Time, BitMEX states users can still log in to see balances and history and can withdraw. The announcement describes post-closure account fees for KYC'd users who leave assets on the platform (stated starting at 1% per annum charged monthly, or a USD 50 equivalent floor for small balances, with possible later increases communicated in advance).[1]
BitMEX warns users about phishing and fake "priority withdrawal" scams during the wind-down.[1]
Enforcement history
In August 2021, BitMEX entities settled CFTC civil charges (Press Release 8412-21), including a $100 million civil monetary penalty matter often summarized from that action.[3]
Separately, U.S. Department of Justice materials describe Bank Secrecy Act plea proceedings involving BitMEX founders and executives and a related entity plea by the exchange.[4]
See also
- Currency exchange
- Perpetual futures (product class)
- Futures trading
External links
- BitMEX closure announcement
- BitMEX Support FAQ: exchange closure
- CFTC PR 8412-21
- DOJ: BitMEX BSA guilty plea