BitMEX Logs Off: Arthur Hayes' Perpetual Playground Goes Perpetually Quiet 🪦

BitMEX, the crypto derivatives exchange founded by Arthur Hayes, halted all trading and deposits at 04:00 UTC on Wednesday, concluding more than 11 years of operations. Users can still log in and withdraw remaining balances through the BitMEX website, according to an X post from the platform confirming the shutdown.

The exchange originally announced its closure on July 23, stating it would cease exchange services on September 23 after a strategic review by owner and operator HDR Global Trading Limited. BitMEX, launched in 2014, became a major venue for crypto derivatives and helped popularize perpetual swaps with leverage of up to 100x. The company reiterated that the wind-down was not tied to any legal or regulatory issues.

As part of the phaseout, BitMEX said it will disable application programming interface (API) withdrawals on September 28, requiring users to process withdrawals through the web platform. The exchange stated that "users' funds remain secure" and urged customers to withdraw their remaining balances.

The closure comes days after the Celsius bankruptcy estate sued five BitMEX-linked companies, alleging fraud, market manipulation and wrongful liquidations tied to 6,360 Bitcoin during the March 2020 market crash. The estate is seeking Bitcoin worth nearly $490 million at the time the lawsuit was reported.

BitMEX had laid out a sunset schedule ahead of the shutdown, setting September 23, 2026, at 04:00 UTC as the deadline for closing exchange operations and implementing restrictions on new orders ahead of the close. The company said remaining roles would be filled "according to the closing processes."