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BitMEX Halts Crypto Trading, but Keeps Withdrawals Open Following Closure

BitMEX Halts Crypto Trading, but Keeps Withdrawals Open Following Closure

Users can still withdraw existing balances, while trading, deposits, and new positions have been disabled.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 23 September 2026 19:23 IST

BitMEX Halts Crypto Trading, but Keeps Withdrawals Open Following Closure

Photo Credit: Unsplash/Towfiqu barbhuiya

BitMEX introduced security measures as users withdraw remaining balances

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Highlights

The exchange was founded by Arthur Hayes, Ben Delo, and Samuel Reed
Eligible users face a minimum monthly account fee of $50
BitMEX recorded over $1 trillion in annual volume at its peak

BitMEX, which was behind the innovation of perpetual futures, marked the end of an era after closing its exchange services, except for withdrawals, on Wednesday. “Trading, deposits, and opening new positions are not available on or after 04:00 UTC Tuesday,” BitMEX said in a post on X. It is still possible for users to access the website and withdraw their balance from it, but it has been clearly stated by the company that deposits can no longer be made. There have been security steps implemented gradually to ensure the safety of users while withdrawing their balance.

BitMEX Closure Follows Strategy Review by Parent Company

BitMEX, founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, encouraged its customers to withdraw their money and announced that the account fee is charged to KYC-verified users having a balance on the platform. The account fee is calculated at an annualised rate of 1 percent of assets per month or a minimum of $50 (roughly Rs. 4,700), whichever is greater.

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BitMEX's exchange operations have officially ended as of 04:00 UTC today, 23 September 2026.

Your funds remain completely safe. Login and withdrawal capabilities remain available, and we strongly encourage all users to withdraw their remaining withdrawable balances as soon as… https://t.co/Pah1NpTJ6I
— BitMEX (@BitMEX) September 23, 2026

This closure marks the end of an 11-year streak for an exchange that played an important role in bringing about the perpetual swap, which has become the most popular derivatives trading product in the cryptosphere. However, BitMEX's closure does not constitute a freeze of customer funds since the exchange emphasised that withdrawals are still possible as it shuts down. BitMEX had announced its closure in July after completing a strategy review by its parent company, HDR Global Trading.

At the peak of operations in the market expansion in 2019, the exchange traded more than $1 trillion (roughly Rs. 95,73,000 crore) in annual trading volume, representing approximately 57 percent of the world's market share in crypto derivatives. The exchange was breaking records as the daily turnover exceeded 1 million Bitcoins, valued at over $8 billion (roughly Rs. 76,584 crore).

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BitMart also announced it was shutting down in July due to market conditions after nine years in business. According to the shutdown process that has been laid out, BitMart ceased accepting any new users or deposits, futures trading has entered reduced-only mode, and spot order books were closed. According to data from CoinGecko, the native token of BitMart, BMX, also witnessed a depreciation of more than 70 percent in value.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Crypto Exchanges, BitMex, BitMart Exchange, Bitcoin, Crypto News

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More