BitMEX to close Sept 23 2026, sparking withdrawals and lawsuits
Cryptocurrency derivatives exchange BitMEX announced it will cease operations on 23 September 2026 at 04:00 UTC. The shutdown follows a strategic review by its parent HDR Global Trading Ltd. New account registrations were halted immediately, and from 26 August 2026 the platform will operate in a reduce‑only mode, closing remaining positions before a final forced liquidation on the closure date. BitMEX urged users to close open positions and withdraw funds, assuring that assets remain safe and under user control and citing proof‑of‑reserves that show liabilities are covered.
In July 2026 the exchange accelerated the delisting of 65 derivative contracts and spot pairs, citing insufficient trading interest as part of the wind‑down. The BMEX token fell more than 90% and Bitcoin open interest on the platform contracted by about 96% after the shutdown announcement.
On the same day the exchange announced its closure, a U.S. class‑action lawsuit was filed in the Southern District of New York alleging that BitMEX improperly liquidated customer positions, causing losses of over 622 BTC (approximately $40 million) and that an internal “insider trading desk” accessed private client data during server outages. The complaint also targets founders Arthur Hayes, Ben Delo and Samuel Reed. The suit seeks restitution of the Bitcoin, compensatory and punitive damages, and highlights alleged insider‑trading practices.