BitMEX to shut down exchange operations on Sept. 23

BitMEX said it will shut down exchange operations at 4:00 a.m. UTC on Sept. 23 after a strategic review of its business and the cryptocurrency industry. The exchange said new account registrations were suspended immediately, and users must close positions and withdraw assets before the shutdown. Starting at 4:00 a.m. UTC on Aug. 26, users will no longer be able to open new positions and will only be allowed to reduce existing ones. Any open positions remaining before the shutdown will be forcibly liquidated by the time operations end, and positions still on the books at the cutoff will be liquidated immediately, BitMEX said. After the shutdown, users will still be able to log in, check balances and withdraw assets, but trading services will no longer be available. BitMEX added that if users who have completed KYC leave assets in their accounts after the shutdown, an account fee equal to $50 per month or 1% annually, whichever is greater, will apply. Founded in 2014, BitMEX is a first-generation derivatives exchange. Its founders are Arthur Hayes, Ben Delo and Samuel Reed. Since 2020, the company has faced pressure including lawsuits from the U.S. Department of Justice and the CFTC. After losing its lead in the derivatives market to later entrants including Binance, Bybit and OKX after 2014, BitMEX pursued a sale, but no deal was completed.