BitMEX announced that it will cease operations on September 23. The exchange stated that user assets remain safe and under user control. The company also reminded users to close out their positions and withdraw funds before the closure.

Closure Arrangements

BitMEX stated on X that the decision stemmed from a business strategy review by its parent company, HDR Global Trading. The platform did not disclose further details but explicitly instructed users to process any open positions in their accounts as soon as possible.

Platform Background

Founded in 2014, BitMEX primarily catered to institutional and professional derivatives traders. Its website stated that the platform had accumulated over 2 million users. This shutdown signifies the end of operations for this long-established cryptocurrency derivatives trading platform.

Market Background

This decision comes amid pressure on the crypto market. Bitcoin has given back most of its gains from last year, and ETF outflows and market volatility continue to weigh on sentiment. Slow progress on US crypto legislation has also dampened investor expectations.