BitMEX Ends Trading After 11 Years, Leaves Users Withdrawal-Only

Overview

• BitMEX formally stopped all exchange trading at 04:00 UTC on Wednesday, September 23, 2026, after a staged wind-down that settled major Bitcoin and Ethereum derivatives and closed spot and conversion services in the prior days.
• Former customers can still log in and request withdrawals but face new frictions: verified accounts with balances will incur a monthly charge equal to the higher of $50 or an annual 1%, some withdrawals will require updated KYC or test transactions, and multi-network options and API/integrations will be cut back after September 28.
• The company says customer assets remain fully backed and pointed to proof-of-reserves and liability records, while warning users not to deposit funds after the cutoff and to beware of phishing or offers of priority withdrawals.
• A roughly two-year effort to sell the exchange failed, with reports that BitMEX sought about a $1 billion valuation; declining volumes left the platform with a tiny market share before closure, limiting broader market disruption from the exit.
• BitMEX leaves a mixed legacy: its XBTUSD perpetual-swap model shaped crypto derivatives across other exchanges even as civil litigation continues, including a September suit by the Celsius bankruptcy estate seeking the return of 6,360.17 BTC and unresolved claims tied to past Bank Secrecy Act violations.