Update, July 24, 1:46 pm UTC: Hours before BitMEX announced its shutdown, two former customers filed a proposed class action against the exchange and its co-founders, including Arthur Hayes, alleging that it secretly operated an "Insider Trading Desk" that used private customer data to trade against users and deliberately froze servers during volatile periods to trigger liquidations.
The plaintiffs claim combined losses of about 623 BTC and want the Bitcoin returned in kind rather than cash.
The plaintiffs claim combined losses of about 623 BTC and want the Bitcoin returned in kind rather than cash.
BitMEX will stop trading on Sept. 23, ending an 11-year run that helped turn perpetual swaps, leveraged futures without an expiry date, into one of crypto's dominant products.
- The exchange has immediately stopped accepting new accounts, per the company's blog post.
- From Aug. 26, traders will only be allowed to reduce positions, while BitMEX may begin forcibly closing them.
- Any positions remaining at shutdown will be closed automatically.
- Amid the news, BMEX, BitMEX's native token launched in 2022 to reward traders through fee discounts, plunged 95%, wiping roughly $5 million from its market capitalization, per data from CoinGecko.
The closure follows more than a year of apparent efforts to sell the company. BitMEX reportedly hired Broadhaven Capital Partners, an investment bank, in late 2024 to seek a buyer, although no transaction was announced.
"Following a strategic review of the business and the broader crypto industry, the board of HDR Global Trading Limited, owner and operator of BitMEX, has decided to close the exchange. This comes with a heavy heart for all of us at the company and has not been taken lightly."
BitMEX
BitMEX
Signs of a wind-down intensified recently. Stephan Lutz, its chief executive, resigned in June, while Ina Steiner, its chief financial officer, and Raphael Polansky, its growth chief, also left. Peter Wilkinson, BitMEX's former general counsel, took over as CEO.
- BitMEX then removed 21 derivatives and nine spot markets in July, blaming insufficient trading interest.
- Users can still withdraw after the closure. However, verified customers leaving funds behind will be charged the greater of $50 or 1% annually, with the fee collected monthly and potentially increased later.