BitMEX to Shut Down in September, Ending 12-Year Run

BitMEX, the global cryptocurrency derivatives exchange, is shutting down after more than a decade in operation.

Cointelegraph reported on July 23 that HDR Global Trading, BitMEX’s parent company, decided to cease operations following a broad strategic review. The exchange, founded in 2014, will end its service 12 years later.

BitMEX will stop operating on Sept. 23. The company has instructed users to close all open positions and withdraw funds held on the exchange before the shutdown.

User assets will remain fully secure until operations end, BitMEX said. It asked customers to close positions and withdraw their funds within the specified period.

BitMEX is regarded as one of the exchanges that helped drive the early growth of the cryptocurrency derivatives market. It is particularly known for helping popularize perpetual futures contracts, which let traders bet on cryptocurrency price movements without an expiration date.

The company did not disclose the reason for the shutdown or provide details on the liquidation process.