BitMEX is shutting down: the exchange that invented 100x leverage closes September 23

Crypto exchange BitMEX has announced it will fully cease operations — all trading stops on September 23, 2026 at 04:00 UTC. New user registration has already been halted.

The Exchange's Announcement

The Shutdown Timeline

• July 23, 2026 — new account registration halted immediately
• August 26, 2026, 04:00 UTC — risk limits kick in: no new positions allowed, only reducing existing ones
• August 26 - September 23, 2026 — the exchange progressively force-closes remaining open positions for an orderly wind-down
• September 23, 2026, 04:00 UTC — all remaining open positions are force-closed simultaneously

What Happens to User Funds

After closure, users will keep login access to view wallet balances and transaction history and will be able to withdraw remaining funds. But KYC-verified users who don't withdraw their assets by closure time face an account maintenance fee — $50 a month or 1% annualized on the remaining balance, whichever is greater — and that fee could rise further later. The company's board said the decision followed "a strategic review of the business and the broader crypto industry," without citing financial trouble or regulatory pressure as the cause. According to CoinDesk, the exchange's current proof of reserves shows customer liabilities are fully covered by assets.

Why It Matters

BitMEX has operated since 2014 and is remembered as the exchange that invented the 100x-leverage perpetual swap — an instrument nearly every major crypto exchange later copied. We've covered how leveraged trading actually works and why it's so risky separately. At its 2019 peak, the exchange handled more than $1 trillion in annual trading volume with nearly 57% of the global derivatives market, and in 2020 it faced US criminal charges for violating the Bank Secrecy Act — its founders left the company, and the exchange later pleaded guilty. BitMEX's closure, per its official announcement, is a board decision, not the result of a hack or bankruptcy — but anyone with assets still on the platform should plan a withdrawal well ahead of the deadline.

Nothing here should be taken as financial advice — just information to consider.