BitMEX ends trading after 11 years: withdrawals still open
The exchange that pioneered perpetual futures stopped trading and deposits on 22 September. Users can still withdraw, but idle balances face a monthly fee.
One of crypto's best-known derivatives venues has closed its doors to trading. BitMEX, set up in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, halted trading and deposits at 04:00 UTC on Tuesday, 22 September (9:30 am IST). The move completes a wind-down that the exchange first announced in July, ending 11 years of trading on the platform.
Where customers stand
Money is not locked in. Account holders can still sign in through the BitMEX website and withdraw what they hold, although the exchange no longer accepts deposits.
Leaving funds on the platform, however, now carries a cost. KYC-verified accounts with remaining balances will be charged monthly, at 1% a year of their assets or the equivalent of $50, whichever works out higher.
This is a planned closure, not a collapse. Parent company HDR Global Trading decided to shut the business after a strategic review, and there has been no hack, insolvency or freeze on withdrawals.
A pioneer that lost its lead
BitMEX's lasting contribution to markets is the perpetual swap, a futures contract that never expires. It has since become one of the most heavily traded financial products anywhere. Centralised crypto derivatives trading hit about $3.4 trillion in August 2026 alone. Yet BitMEX kept losing ground in the market it had helped to build, and after reviewing the business HDR concluded that it should be closed.
The exchange is not alone. BitMEX is the second established platform this month to announce its exit, following CoinEx, which said it would close by 22 December.
What Indian users should do
If you still hold anything on BitMEX, move it out now so the fees do not eat into your balance. Keep a record of the withdrawal and of any profit or loss you made. India taxes gains on virtual digital assets at a flat 30%, and that applies wherever you traded, including on offshore platforms.
The shutdown also carries a wider lesson. An exchange is a business, and businesses close. Keeping long-term holdings in a wallet you control, or on an FIU-registered Indian platform with a clear way out, lowers that risk.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
