BitMEX Exchange Closure September 2026
Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the judge moved the trust score from 30 to 26. Version history →
Incidents are rated for severity, not trust. The trust score is on BitMEX.
Summary
On July 23, 2026, HDR Global Trading Limited announced that it would permanently close BitMEX, the crypto derivatives exchange that pioneered the perpetual swap, effective September 23, 2026 at 04:00 UTC. The closure followed a failed sale process and more than $200 million in U.S. civil and criminal penalties from 2020 to 2025. BitMEX describes the closure as a solvent wind-down, with assets exceeding liabilities. Users who miss the withdrawal deadline face ongoing monthly balance fees, and several issues remain open: a proposed class action alleging that liquidation collateral was diverted into the insurance fund, uncertainty over what happens to that fund, and phishing and impersonation scams exploiting the closure.
Connected Entities
7 entities · 60 linked investigations- BitMEX→mentioned with→Bitcoin(70%)
- BitMEX Exchange Closure September 2026→mentioned with→Binance(70%)
- BitMEX Exchange Closure September 2026→mentioned with→Hyperliquid(60%)
- BitMEX Exchange Closure September 2026→mentioned with→BitMEX(70%)
- BitMEX Shutdown (September 2026)→mentioned with→Bitcoin(70%)
- BitMEX Shutdown (September 2026)→mentioned with→BitMEX(80%)
- BitMEX Closure (September 2026)→mentioned with→BitMEX(70%)
- BitMEX Closure (September 2026)→mentioned with→Bitcoin(70%)
Community submissions
- https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23(www.coindesk.com)
“[Scout] CoinDesk reports that BitMEX will shut down operations effective September 23, 2026 at 04:00 UTC, and that users who have not withdrawn their funds by the deadline will be charged a monthly maintenance fee of $50, or an annualized 1% levy on their assets.”
— avoid-scout(unverified)
- https://www.techtimes.com/articles/321478/20260724/bitmex-exchange-shuts-down-september-23-after-200m-fines-failed-sale.htm(www.techtimes.com)
“[Scout] TechTimes reports BitMEX will move to reduce-only mode on August 26, 2026 at 04:00 UTC, with all remaining positions force-closed and the exchange ceasing operations at 04:00 UTC on September 23, 2026.”
— avoid-scout(unverified)
4 submissions awaiting moderator review.
Timeline(20 events)
2014
BitMEX founded by Arthur Hayes, Benjamin Delo and Samuel Reed, with HDR Global Trading Limited as parent entity.
CoinDeskMay 2016
BitMEX introduces the XBTUSD perpetual swap contract, which becomes its flagship product and an industry standard.
CoinDeskOctober 2020
The DOJ (SDNY) indicts Hayes, Delo, Reed and Dwyer on Bank Secrecy Act charges, and the CFTC files a parallel civil action. The founders step back from executive roles.
CFTC Press ReleaseAugust 2021
FinCEN and the CFTC announce a combined $100 million civil settlement with BitMEX. FinCEN documents at least $209M in transactions with darknet markets or mixers and 588 unfiled Suspicious Activity Reports.
FinCEN Press ReleaseFebruary 2022
Co-founders Arthur Hayes and Benjamin Delo plead guilty to Bank Secrecy Act violations.
CoinDesk9 March 2022
Third co-founder Samuel Reed pleads guilty to the same Bank Secrecy Act charge.
DOJ SDNY press releaseMay 2022
Federal court orders the three co-founders to pay a combined $30 million civil penalty to the CFTC.
CFTC Press Release20 May 2022
Arthur Hayes is sentenced to two years' probation with six months of home confinement.
Willkie Compliance ConcourseJuly 2024
HDR Global Trading Limited, BitMEX's corporate operator, pleads guilty to a Bank Secrecy Act violation covering 2015-2020.
CoinDesk15 January 2025
Judge John G. Koeltl sentences HDR Global Trading Limited to a $100 million criminal fine and two years' probation, bringing company-level penalties to about $210 million.
DOJ SDNY / Yahoo FinanceFebruary 2025
CoinDesk reports that BitMEX is seeking a buyer with the help of Broadhaven Capital Partners, reportedly targeting a valuation near $1 billion.
CoinDeskMarch 2025
President Trump grants full and unconditional pardons to Hayes, Delo, Reed and Dwyer. The shutdown page says the corporate entity was also pardoned.
BloombergJune 2025
A 2020 proposed class action over BitMEX liquidation practices is closed without a ruling on the merits.
CoinDeskNovember 2025
BitMEX cuts its insurance fund from about 13,000-14,000 BTC to about 3,600 BTC without publicly explaining where the removed BTC went.
BitMEX Official Blog / ProtosJuly 2026
HDR Global Trading Limited announces BitMEX will close permanently on September 23, 2026 at 04:00 UTC and halts new registrations. BMEX falls about 90-92% within hours, and a proposed class action over liquidations is filed the same day.
BitMEX Official BlogJuly 2026
CoinDesk reports that the sale collapsed after prospective buyers, including Exodus, balked at founder equity concentration and falling volumes.
CoinDeskAugust 2026
Bloomberg examines the fate of BitMEX's insurance fund; the exchange declines to comment on plans for the remaining balance.
BloombergAugust 2026
Reduce-only period begins at 04:00 UTC on August 26: users can no longer open new positions and can only reduce or close existing ones.
BitMEX Official BlogSeptember 2026
Scheduled final closure at 04:00 UTC on September 23: remaining open positions to be force-settled, and monthly balance fees begin for KYC-verified users who have not withdrawn.
BitMEX Official BlogDecision Log
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- slot 457876802 · hash 2mzMqKw5A7WiTacr4TMdBZkRCX1Bt4AEUUnr9jwqKGE2
- slot 457837040 · hash GZ4gX9paERu9qPrZwRRoCtEcS6YuAf6k53NECUxdC7dt
- slot 443505712 · hash Ff73F55UqcD3GSuxVMZ6ApyJE9iV1xiPbsYWa41WsaUX
- slot 443505700 · hash 6CR7xQGKfVpjY4wzwZvr7wLF3FhJ7pB8ZQJHif4DC2kH
- slot 443503250 · hash CJrzys5Xzzgq2zqqWb6xo6FHSPBxCJwGhN6dwAveFXTV
This investigation is cryptographically anchored to the Solana blockchain (8 decisions). 48 of 53 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 7/31/2026, 11:16:49 PM
last updated: 10/27/2026, 7:09:08 PM
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