BitMEX will end all exchange services at 04:00 UTC on Sep. 23, closing out 11 years of operations after removing its remaining spot, conversion, and derivatives markets. The exchange failed to find a buyer despite reportedly seeking a valuation near $1 billion, and it still faces civil lawsuits over past liquidations.
Final shutdown stage
BitMEX has removed its remaining spot, conversion, and derivatives markets ahead of its formal closure. According to BitMEX: "strategic review of the business and the broader crypto industry" drove the closure approval, and new account registrations stopped when the company announced the decision on July 23.
The exchange will end all exchange operations at 04:00 UTC on Sep. 23, equivalent to 9:30 a.m. in India. Any positions still open at that time will be closed using the relevant settlement price or index under BitMEX's standard procedures. The shutdown arrived in stages: major Bitcoin and Ethereum derivatives were settled on Sep. 16, remaining spot pairs stopped trading on Sep. 21, and the Convert service ended for every supported token at 04:00 UTC on Sep. 22.
Withdrawals continue under new fees
Customers who have not removed their assets will keep account access after the exchange closes, with the post-closure site showing balances, transaction histories, and withdrawal pages. From Sep. 23, verified accounts holding funds will face a monthly charge based on the higher of $50 or an annual rate of 1%, deducted from the remaining balance without pushing it below zero.
API withdrawals will stay available until 04:00 UTC on Sep. 28, after which institutional connections through Fireblocks and Copper stop working, leaving the BitMEX website as the only withdrawal channel. BitMEX will also remove its multi-network withdrawal option for USDT, USDC, and ETH, so from Sep. 28 customers can only withdraw those assets through the Ethereum network.
A failed search for a buyer
BitMEX reportedly spent about two years discussing a sale with potential buyers, including rival exchanges and wallet company Exodus, with Broadhaven Capital Partners advising on the process. According to a later report, BitMEX sought a valuation of about $1 billion, though it remained unclear whether any prospective buyer made a formal offer.
Declining activity weighed on buyer interest. BitMEX's monthly futures volume topped $100 billion during parts of 2021 but fell to between $25 billion and $30 billion by late 2024, according to figures cited in the report, as trading moved to larger centralized platforms and decentralized perpetual exchanges.
Legal cases continue
BitMEX pleaded guilty to violating the Bank Secrecy Act and received a $100 million penalty in January 2025. President Donald Trump later pardoned founders Arthur Hayes, Ben Delo, and Samuel Reed, along with former executive Gregory Dwyer and the corporate entity.
Civil claims remain active. On Sep. 12, the Celsius bankruptcy estate sued five BitMEX entities, seeking the return of 6,360.17 Bitcoin valued in the complaint at about $495 million. BitMEX has not been found liable, and the case remains at an early stage.
Source: crypto.news
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