BitMEX, the cryptocurrency derivatives exchange that pioneered perpetual swaps, is preparing to shut down operations on Sept. 23, 2026, ending the run of a platform that helped reshape the global crypto trading industry.

Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, BitMEX introduced high-leverage perpetual futures contracts that became one of the most widely used products in digital asset markets.

The exchange announced Thursday that all services will officially cease at 04:00:00 UTC on Sept. 23, 2026. BitMEX has encouraged users to close their open positions and withdraw their funds ahead of the deadline.

Customers who fail to remove their assets before the closure date will face additional fees, including a $50 monthly maintenance charge or an annualized 1% fee on their remaining balances, according to the company’s notice.

BitMEX’s shutdown reflects the changing landscape of the crypto derivatives sector. The exchange, which once dominated the perpetual futures market, has gradually lost ground to newer centralized platforms and decentralized trading protocols offering deeper liquidity, more products, and fewer regulatory hurdles.

The decision follows a strategic review by BitMEX’s parent company, HDR Global Trading Limited. The platform has already suspended new account registrations as it begins winding down its operations after more than a decade.

As part of the closure plan, BitMEX will restrict trading activity in stages. Beginning Aug. 26, users will no longer be able to open new positions, while existing contracts will be systematically closed before the final shutdown date to ensure an orderly exit.

The company said managing customer withdrawals will be a key priority during the transition. Although Bitcoin network congestion could create delays, BitMEX’s proof-of-reserves records indicate that customer funds remain fully backed.

The shutdown marks the end of an 11-year era for one of the most influential crypto exchanges. Despite facing significant regulatory challenges, BitMEX maintained a strong security history and did not experience customer losses from hacks or smart contract vulnerabilities.

The announcement follows the recent departure of several senior executives, including the chief executive officer, chief financial officer, and head of growth.

BitMEX reached its peak during the 2019 crypto market expansion, when it processed more than $1 trillion in annual trading volume and became a leading force in cryptocurrency derivatives. The exchange recorded daily volumes of nearly $8 billion in 2018, at one point handling over 1 million Bitcoin in daily turnover.

However, the company later faced regulatory scrutiny after U.S. authorities accused it of failing to implement adequate anti-money laundering controls. The exchange’s founders eventually stepped away from their roles after legal action was initiated in 2020.