BitMEX Shuts Down as Legacy Lives On in Crypto Derivatives Market

BitMEX officially shut down on September 23 after more than 11 years of operation. Trading services ceased at 04:00 UTC, and any open positions were automatically closed using the relevant settlement price or index.

The exchange's owner, HDR Global Trading, made the decision to close BitMEX, citing a review of the business and the wider crypto industry. The company stated that customer assets remain secure and pointed to its record of no customer funds lost through hacks during more than 11 years of operation.

BitMEX's decline had been underway for some time, with its daily trading volume near $400,000 and market share below 0.01% at the time of the July shutdown announcement. The exchange's perpetual swap product, which allowed traders to take leveraged long or short positions without a fixed expiry date, has become standard across competing venues.

Users can still withdraw from BitMEX, but some methods will be removed on September 28. API access and multi-network withdrawal options will no longer be supported, and institutions using Fireblocks and Copper connections will need to change their withdrawal process. A 1% per year or $50 equivalent minimum fee will be applied to verified accounts holding funds after the closure.