BitMEX to shutter crypto exchange after 11-year run

The exchange has already halted new account registrations and will implement a phased withdrawal of services. Starting August 26, traders will be prohibited from opening new positions, restricted solely to reducing existing ones. The platform intends to force-close any remaining open positions in the weeks leading up to the final shutdown, after which any outstanding contracts will be automatically liquidated.

Customers have been urged to move their assets off the platform immediately. While account access for withdrawals will persist after the September 23 deadline, the company plans to impose monthly maintenance fees on inactive balances, starting at $50 or 1% of holdings. The firm emphasized that its reserves remain sufficient to cover all customer liabilities, maintaining a record of zero funds lost to hacks throughout its tenure.

The decision follows a significant leadership overhaul earlier this month, which saw the departure of CEO Stephan Lutz and other top executives. Peter Wilkinson, the former general counsel, has stepped in to manage the transition. This closure marks the end of a turbulent chapter for the platform, which rose to prominence by popularizing the 100x leveraged perpetual swap before facing intense regulatory scrutiny in 2020 regarding its anti-money laundering controls.