BitMEX to Shut Down by September 2026 Amid Cryptocurrency Market Slump
BitMEX, one of the pioneers in high-leverage Bitcoin derivatives, will cease operations by September 23, 2026. The platform's parent company, HDR Global Trading Ltd., announced that it will stop accepting new user registrations and gradually shut down its services.
The exchange was founded in 2014 by Arthur Hayes, a former Citigroup equities trader, along with Ben Delo and Samuel Reed. BitMEX revolutionized the crypto market by introducing perpetual futures, which enable leverage of up to 100 times on Bitcoin.
These instruments, also known as 'perps', lack a settlement date and rely on a funding-rate system to keep their price aligned with the underlying asset. As a result, perps have become the benchmark for leveraged crypto speculation, drawing a global user base eager for high-risk, high-reward opportunities.
BitMEX's market leadership began declining in 2020 following allegations from US authorities that the platform and its founders breached the Bank Secrecy Act due to insufficient anti-money-laundering safeguards. In 2022, Hayes and his co-founders entered guilty pleas and agreed to surrender $10 million apiece.
Despite a pardon granted by former President Donald Trump, BitMEX's customer base departed during its legal battles, and the firm never recovered its former prominence. The cryptocurrency market's recent slump, with Bitcoin's value dropping over 50% from its all-time high of exceeding $126,000, has further weakened the platform.