Overview
- BitMEX announced on Thursday that it will permanently cease operations at 04:00 UTC on September 23, 2026 and has immediately stopped new user registrations.
- The platform will enter reduce-only mode on August 26, blocking new positions and then progressively force-closing outstanding contracts before the final shutdown.
- BitMEX published a proof-of-reserves and stressed it has not lost customer funds to hacks in its operating history while urging users to withdraw assets promptly.
- Market reaction was rapid: the native BMEX token fell roughly 90% within hours of the announcement and the exchange delisted dozens of low-liquidity contracts in July.
- Users face practical risks such as Bitcoin network congestion delaying withdrawals, phishing scams targeting the wind-down, and post-closure custody fees of at least $50 per month or 1% annually if funds remain on the platform.