BitMEX announced its impending shutdown, effective September 23, 2026, stating that users' assets remain secure and under their control. The decision comes after a strategic review by HDR Global Trading, the exchange's owner. Users are advised to close their positions and withdraw funds before the closure date.
The exchange, which has over 2 million traders, has faced legal challenges in the past, with co-founders pleading guilty in 2022 for failing to comply with anti-money laundering regulations, although they were pardoned by former President Donald Trump.
The closure occurs against a backdrop of declining cryptocurrency prices, with Bitcoin trading at $65,676, nearly 50% lower than its peak of $126,223.18 last October.
The cryptocurrency market has been under pressure this year due to increased volatility and ETF outflows, compounded by slow progress on U.S. crypto legislation and concerns about potential selling by digital asset treasury companies, which have negatively impacted investor sentiment