BABBLE

bitmex to permanently shut down on september 23: the end of an 11-year crypto era the crypto derivatives pioneer that invented 100x leverage and the perpetual swap contract is officially closing its doors. parent company hdr global trading limited announced that the bitmex exchange will permanently cease all trading operations on september 23, 2026, at 04:00 utc key dates and user action plan july 23, 2026 (immediate): new user registrations have been permanently disabled. all staked $bmex tokens have been unstaked and credited back to user wallets. august 26, 2026 (risk restrictions): users will no longer be able to open new leverage positions. only position reduction and closing trades will be allowed as bitmex systematically force-closes open contracts. september 23, 2026 (final shutdown): all remaining open positions will be force-closed. services will switch exclusively to withdrawal mode. abandoned fund penalty: users who fail to withdraw their funds after the final closure date will be charged a monthly account maintenance fee of $50 or 1% per year (whichever is greater). why this is a historic moment in crypto invented the perpetual swap: founded in 2014 by arthur hayes, ben delo, and samuel reed, bitmex created the perpetual futures contract with up to 100x leverage. this product became the single most popular trading instrument in global crypto markets. former market titan: at its peak between 2018 and 2020, bitmex handled roughly 57% of global crypto derivatives volume, regularly processing $3 billion to $5 billion in daily trades. flawless security record: unlike many legacy exchanges, bitmex operated for over 11 years with zero funds lost to hacks or exploits. fund safety status the exchange confirmed that user funds remain fully safe and backed 1:1, with proof of reserves confirming assets exceed liabilities. the decision follows a strategic review rather than insolvency or a sudden hack. active traders are advised to close open positions and request asset withdrawals early to avoid potential network delays near the final deadline.