BitMEX settles 35 derivatives contracts ahead of Sept. 23 shutdown

BitMEX has laid out the final timetable for the permanent closure of its flagship crypto derivatives exchange, with services ending at 04:00 UTC on Sept. 23 after more than 11 years in operation. The exchange had already completed the early settlement of 35 derivatives contracts on July 30, closing remaining positions and canceling open orders as part of the wind-down. New account registrations stopped immediately after the July 23 announcement, reduce-only trading is set to begin at 04:00 UTC on Aug. 26, and any positions still open when services end may be force-closed. HDR Global Trading Limited described the shutdown as a strategic decision rather than a financial one, saying reserves exceed customer liabilities and that the platform has no history of customer losses from security breaches. BitMEX, which helped popularize perpetual swaps and high-leverage crypto trading, said users should close positions and withdraw funds before the final deadline. The closure carries symbolic significance because the exchange was one of the early institutions of the crypto derivatives market, even if its direct market impact is now likely to be limited. The shutdown follows years of regulatory pressure. In 2020, the Commodity Futures Trading Commission reached a settlement with BitMEX over regulatory compliance violations tied to operating as an unregistered derivatives exchange and failing to implement adequate anti-money laundering controls, among other issues. Co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed later received presidential pardons in 2025, briefly returning attention to the exchange.