BitMEX to close on Sept. 23 after strategic review and failed sale

BitMEX said it will shut its crypto exchange on Sept. 23, 2026 after parent HDR Global Trading Limited decided to wind down the business following a strategic review, broader market conditions and an unsuccessful sale process. New registrations have been suspended, users will be unable to open new positions after Aug. 26, and any contracts still open at closure will be liquidated if not closed earlier. Former co-founder Arthur Hayes posted a farewell message thanking partners, employees and customers, calling BitMEX's run an "amazing journey" and saying the platform would be wound down responsibly and "on our own terms." The announcement triggered a sharp selloff in BMEX, BitMEX's exchange token launched in 2022, which fell nearly 90% in one day and traded near $0.0068. Binance founder Changpeng Zhao later said it was sad to see BitMEX "fade into history" and described the exchange as an early force in crypto derivatives. Zhao said BitMEX introduced 100x leveraged perpetual futures in 2014, replacing an earlier market dominated by expiring futures that often made Fridays volatile. He also recalled that the platform initially supported only Bitcoin deposits, operated on a single blockchain and processed withdrawals once a day through a multisignature wallet, a setup he said ultimately helped prevent hacks. Zhao added that all four BitMEX co-founders pleaded guilty to violating the U.S. Bank Secrecy Act, paid $10 million fines and were placed under house arrest, and argued the business could not survive what he called the Biden administration's "war on crypto."