BitMEX to shut down after 11 years in crypto derivatives

BitMEX, one of the pioneers of cryptocurrency derivatives trading, announced it will shut down operations after owner and operator HDR Global Trading Limited decided to close the company following a strategic review.The company announced Thursday that it will stop operations on Sept. 23, 2026, and advised users to close positions and withdraw funds during the transition period.“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.BitMEX said its platform helped popularize perpetual swap contracts, a type of crypto derivatives product that allows traders to speculate on asset prices without expiration dates. The company also said it has maintained a record of no customer funds lost to hacks during its 11 years of operation.BitMEX did not disclose further details about the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review.The exchange declined to comment further on the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review. HDR Global Trading did not immediately respond to a request for comment.The closure comes as the crypto derivatives market navigates a shifting competitive landscape. Centralized exchange (CEX) perpetual futures volume fell 10% to $12.7 trillion in the second quarter of 2026, according to CoinGecko’s latest Crypto Industry Report, while decentralized alternatives such as Hyperliquid rose to become the second-largest perpetuals exchange by open interest, behind only Binance.This is a developing story and will be updated as more information becomes available.