The exchange that invented the 100x leverage perpetual swap has halted new signups and told users to withdraw their funds before the deadline or face monthly fees.
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Posted July 23, 2026 at 7:42 am EST.
BitMEX, the crypto derivatives exchange that popularized the perpetual swap, announced on Thursday that it will permanently close on September 23 at 04:00 UTC, ending an operating history that runs back to 2014. The exchange said it stopped accepting new account registrations immediately and urged customers to close open positions and move their money out well ahead of the deadline.
The decision follows “a strategic review of the business and the broader crypto industry” by HDR Global Trading Limited, BitMEX’s owner and operator, according to the company’s statement.
A Two-Month Wind-Down
Users have roughly two months to get out. Starting August 26 at 04:00 UTC, BitMEX will impose risk limits that block new positions and permit only reduce-only trades, then begin force closing open contracts to unwind the market in an orderly way. Any positions left open when the exchange closes will be force closed on the spot, and BitMEX warned that traders bear any losses if they cannot exit a position before the cutoff.
KYC-verified users who leave assets on the platform past the deadline will be charged a monthly fee of $50 or 1% a year, whichever is greater, on their remaining balance. BitMEX said it has unstaked every staked BMEX token, making it immediately available in holder accounts, and that customers will keep login access to check balances and withdraw after the shutdown. It also warned people to watch for phishing schemes promising faster payouts, saying “no such expedited service is available”.
The End of a Pioneer
BitMEX helped shape modern crypto trading when co-founder Arthur Hayes, Ben Delo and Samuel Reed launched it in 2014 and built the 100x leverage perpetual swap, now the most heavily traded product in crypto. However, the exchange has suffered amid regulatory challenges. It pleaded guilty in 2024 to a Bank Secrecy Act violation before President Donald Trump pardoned its co-founders in 2025.
BitMEX had reportedly been seeking a buyer since early 2025 and lost its chief executive, chief financial officer and head of growth just weeks ago.
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AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
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