BitMEX has officially stopped all trading and deposits as of September 23, 2026, at 04:00 UTC, ending more than 11 years of operations. The crypto derivatives exchange, known for introducing perpetual swaps, said its parent company, HDR Global Trading Limited, decided to close the platform after reviewing the business and the changing crypto market.
Users can still log into the BitMEX website and withdraw their remaining funds. However, API withdrawals, including those connected to services such as Fireblocks and Copper, will stop on September 28 at 04:00 UTC. On the same day, USDT, USDC, and ETH withdrawals will be available only through the Ethereum network.
BitMEX’s exchange operations have officially ended as of 04:00 UTC today, 23 September 2026.
Your funds remain completely safe. Login and withdrawal capabilities remain available, and we strongly encourage all users to withdraw their remaining withdrawable balances as soon as… https://t.co/Pah1NpTJ6I
— BitMEX (@BitMEX) September 23, 2026
BitMEX said the closure is not related to any new legal or regulatory issues and that user funds remain safe. However, KYC-verified users who leave funds on the platform will face a monthly account management fee of either 1% annually or $50 per month, whichever is higher. The closure comes as BitMEX faces stronger competition from other centralized and decentralized crypto derivatives platforms.
How much will the BitMEX exchange be missed?
BitMEX’s closure has triggered a mix of nostalgia and appreciation from crypto users. Some described it as an “end of an era,” while another thanked the exchange for “saving crypto back in 2019.” The comments reflect BitMEX’s long history in the crypto derivatives market and its role during earlier periods of market stress.
Other users raised questions about what will happen to BitMEX’s insurance fund after the exchange shuts down. He pointed out that the fund contained a significant amount of Bitcoin and questioned whether the exchange could sell some of its BTC holdings during the wind-down. Reports before the shutdown valued the fund at roughly $270 million, including BTC and USDT.
Bit of caution here
The insurance fund was a LOT of bitcoin:native
What happens to it now the exchange is shut down?
Might see some big selling if they want to cash in on their hoard. https://t.co/J9QflfYbsZ— Mico (@TheNFT300) September 23, 2026
The shutdown has also drawn complaints from users who say they still can’t access their accounts or funds. One angry user accused BitMEX of blocking their account and failing to respond to emails. At the same time, another user focused on the challenge of a solvent shutdown, noting that BitMEX reportedly has enough assets to cover customer liabilities but questioning what happens to funds belonging to customers who never return to claim them.
BitMEX is not the only exchange leaving the market
BitMEX’s shutdown comes as other established crypto exchanges are also scaling back or ending operations. CoinEx announced on September 14 that it would cease operations after nine years, while BitMart announced a planned wind-down in July. CoinEx will stop most exchange services by September 29 and keep withdrawals open until December 22.
The reasons, however, are not identical across the platforms. CoinEx specifically cited a prolonged crypto market downturn, shrinking industry trading volume and liquidity, rising regulatory requirements and increasing compliance costs. Its founder also pointed to growing security and compliance risks in running an exchange. BitMEX, in contrast, has said its closure followed a strategic review and was not caused by financial distress, a hack or immediate regulatory pressure.
BitMEX’s faces old crash claims from Celsius before closure
BitMEX’s closure comes shortly after the Celsius bankruptcy estate filed a lawsuit against the exchange. Celsius is seeking about 6,360 BTC, worth roughly $495 million when the case was filed, over Bitcoin positions that were liquidated during the March 2020 crypto market crash.
Celsius alleges that BitMEX’s liquidation system made the 2020 crash worse. The estate claims some liquidation orders were executed at prices more than 24% below the next available ask, causing significant losses. These are allegations in the lawsuit and have not been proven in court.
🧊 BitMEX paused trading and deposits on Sep 23, 2023—withdrawals only.
No sweeping legal takedown, just a strategic exit after a rough chapter.
Now, a Celsius estate lawsuit points back to alleged crash-era manipulation. #Bitcoin #Crypto #BitMEX pic.twitter.com/7AwYdJQQVh
— CryptoDore (@cryptodore) September 23, 2026
The case also helps explain why some crypto users are questioning the exchange’s historical role in the 2020 crash rather than viewing its closure simply as a business decision. Celsius is asking for the return of the Bitcoin or its value, along with additional damages and legal costs. BitMEX has not yet publicly responded to the Celsius allegations, and the claims will have to be tested through the court process.
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