BitMEX Exchange to Shut Down This September

BitMEX has announced that it will permanently shut down its trading platform on September 23 at 04:00 UTC. The parent company, HDR Global Trading Limited, decided to wind down the business following a review of the company and the state of the broader market. The exchange is now urging all current users to close their open positions and withdraw their funds immediately.

Founded in 2014, BitMEX became a major force in the industry by introducing the 100x perpetual swap. This trading product eventually became a standard tool used by almost every other major crypto exchange. During its history, the platform built a reputation for high security, never losing customer funds to a hack.

In recent years, the exchange faced several obstacles. US authorities targeted the company in 2020 over issues involving anti money laundering laws and identity verification procedures. While the firm later settled with regulators and its leadership entered pleas, the company struggled to maintain its dominance as new competitors took over much of its market share.

Starting August 26, BitMEX will stop users from opening new positions. Clients will only be able to reduce their existing trades until the final shutdown date. After September 23, the platform will remain accessible for a limited time, but only for users to check their history and complete final withdrawals of their remaining assets.