Breaking: Arthur Hayes’ BitMEX Crypto Exchange to Shut Down on September 23
Highlights
- Arthur Hayes-founded BitMEX crypto exchange to shut down on September 23.
- The exchange's parent firm HDR Global Trading Limited decided to stop operations after a review.
- Users are alerted to withdraw funds and close their positions before closure time.
BitMEX, the crypto exchange co-founded by Arthur Hayes in 2014, will shut down operations on September 23 this year. This follows a strategic review by its parent company, with new registrations halted and withdrawals of funds available immediately.
BitMEX Closes Crypto Exchange Operations
According to an official announcement by BitMEX, it will permanently close its crypto exchange at 04:00 UTC on September 23 this year. The parent firm HDR Global Trading Limited reviewed business and broader crypto industry conditions and decided to close the exchange after 11 years.
The crypto exchange has halted all new account registrations. Users are requested to withdraw their funds before the deadline. Also, BitMEX revealed that the risk limits will kick in from August 26, and any positions still open at closure get force-closed.
“We continue to take pride in our robust security posture, which, unlike many of our peers, has resulted in BitMEX experiencing zero funds lost to hacks during its entire operating history of over 11 years,” it stated.
The exchange was co-founded by Arthur Hayes in 2014. BitMEX introduced the crypto industry’s first perpetual swap and was once one of the world’s dominant derivatives crypto exchanges before losing market share to Binance and Bybit.
Notably, Hayes and co-founders stepped down after U.S. criminal charges in 2020. Moreover, an effort to sell the crypto exchange in 2025 did not result in an announced deal.
Withdrawal of Funds & Crypto Market Reaction
BitMEX will not exchange services immediately after the closure time. However, it will continue to hold user assets until all positions are closed and funds are withdrawn.
To avoid losing trading momentum when BitMEX closes, high-risk traders can migrate their portfolios to alternative high leverage crypto exchanges that support comparable margin options.
“We want to reassure you that your assets remain fully safe and under your control during this transition period. This announcement is just to give enough time to ensure a smooth withdrawal process for everyone,” the exchange added.
BitMEX may force close positions at its sole discretion until the deadline. Also, it will take no responsibility for any trading losses if traders fail to manually close their positions.
The crypto exchange will charge an account fee of $50 or 1% per annum on the balance remaining in their account. As per the proof of reserves, BiMEX has $1.037 billion in crypto assets in reserves and $1.016 billion in liabilities, which are users’ assets and insurance funds in custody.
The crypto market could witness volatility as users move to withdraw and close their leveraged positions. Bitcoin price fluctuates around $65,500 after falling to a 24-hour low of $65,327 amid BitMEX shutdown news and elevated oil prices amid the US-Iran war.
Also Read: BitMEX Exchange Review for 2026
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