BitMEX was a Seychelles-incorporated cryptocurrency derivatives platform recognized for inventing the perpetual swap contract in 2016. Operated by HDR Global Trading Limited, the exchange ended all trading operations on 23 September 2026 at 04:00 UTC following an eleven-year run. The platform remains online strictly in an operational wind-down phase so that existing account holders can withdraw remaining balances.
Company background and leadership
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, operating under parent company HDR Global Trading Limited with headquarters in the Republic of Seychelles. The firm joined the SOSV Chinaccelerator program in 2015 after completing a SAFE funding round. Hayes served as chief executive officer alongside Delo as chief strategy officer and Reed as chief technical officer before later executive changes, which included Alexander Höptner taking the chief executive role.
Exchange wind-down and custody
Custody on the platform was centralized, requiring users to deposit collateral into BitMEX-managed wallets to trade derivatives contracts with up to 100x leverage. Following the strategic decision by HDR Global Trading Limited to wind down the business, BitMEX stopped accepting new registrations in July 2026 and terminated all trading services in September 2026. Accounts holding funds must withdraw them via standard blockchain transactions, while inactive balances left on the platform incur periodic account maintenance charges.
Regulatory record and past enforcement
In October 2020, the United States Department of Justice indicted Arthur Hayes, Samuel Reed, Ben Delo, and Gregory Dwyer for Bank Secrecy Act violations related to anti-money laundering controls. The exchange held transitional virtual asset service provider status under the Seychelles Virtual Asset Service Providers Act 2024. In January 2025, BitMEX pleaded guilty to Bank Secrecy Act violations and paid a $100M fine, later receiving a federal corporate pardon in March 2025.
Risks and withdrawal considerations
Trading and market access are permanently offline. Account holders face ongoing risks from phishing attacks and impersonation scams targeting users attempting to recover balances. BitMEX charges dynamic network fees for withdrawals and applies maintenance fees to remaining unclaimed funds.
Founders
AH
Alexander HöptnerCEO
BD
Ben DeloCo-Founder and CSO
SR
Samuel ReedCo-Founder and CTO
AH
Arthur HayesFormer co-Founder and CEO
Best for:Former users withdrawing remaining balancesTraders exporting historical tax recordsResearchers analyzing perpetual market history
Pros and cons
Pros
Invented crypto perpetual swaps with leverage up to 100x in 2016
Continuous fund withdrawal access maintained throughout the operational wind-down
Cons
Trading services permanently ceased on 23 September 2026
Unclaimed balances face ongoing maintenance and inactive account penalty fees
Pled guilty in 2025 to Bank Secrecy Act violations and paid a $100M fine
Users face targeted phishing and impersonation scams during fund liquidation
Our review
1.7/5
Weak
BitMEX pioneered the perpetual swap contract, but the exchange permanently ceased trading operations in September 2026, leaving the platform accessible solely for balance withdrawals.
Fees1.0
Security & trust2.5
Asset selection0.5
Ease of use1.5
Support2.5
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed under parent company HDR Global Trading Limited, incorporated in Seychelles. In 2016, the platform introduced the cryptocurrency perpetual swap contract, an innovation that came to define modern crypto derivatives trading.
The exchange faced significant legal hurdles throughout its history. In October 2020, the US Department of Justice indicted its founders for violating the Bank Secrecy Act and failing to establish anti-money laundering programs. In January 2025, BitMEX pleaded guilty to Bank Secrecy Act violations and paid a $100 million fine, subsequently receiving a corporate pardon in March 2025.
Following an 11-year operational run, the board of HDR Global Trading Limited conducted a strategic review and decided to wind down the service. All trading on BitMEX ceased permanently on 23 September 2026 at 04:00 UTC. New account registrations halted in July 2026, and all exchange, derivatives, and order execution services are fully offline.
The platform remains live strictly as an account closure and withdrawal portal. Existing users can log in to remove their remaining balances. These remaining funds face dynamic miner fees on Bitcoin withdrawals and are subject to inactive balance maintenance charges if left unwithdrawn.
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Not disclosed by the provider: Maker fee, Taker fee, Coins listed, Fiat deposit methods, Staking / earn, Security features, Copy trading, P2P market, Earn / savings products.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Account closure withdrawals
The portal allows verified account holders to initiate cryptocurrency withdrawals for all remaining balances.
Perpetual contract legacy
The platform pioneered inverse and linear perpetual swap architecture offering up to 100x leverage before closure.
Dynamic network routing
Withdrawal requests process directly on-chain with fees calculated according to prevailing network miner costs.
Security reporting channels
Dedicated security support helps account holders identify and report active phishing campaigns during the exchange wind-down.
Inside BitMEX
1
Account Closure Portal
The dedicated web interface where existing account holders authenticate to view remaining balances and submit withdrawal requests.
2
All-Time Leaderboard
A historical archive on the BitMEX home page displaying the platform's top traders and their all-time XBT profits since 2015.
BitMEX screenshots
The page announces that BitMEX has closed and provides withdrawal information and an all-time leaderboard · Oct 22, 2026
What users say about BitMEX
User feedback is limited, with experienced traders discussing the mechanics of inverse perpetual contracts and occasional mentions of support helping resolve issues. Complaints primarily involve lengthy and difficult support interactions, particularly concerning identity verification.
Top goods
Support eventually resolves account issues2 people12
In their own words
“I'm really happy for you. I actually had a similar experience, but I made my decision much faster, it seems your situation was more complicated. But I never doubted that their support would resolve the issue, since I've been through it myself.”
“Yes after an incredible amount of back and forth, going in circles, repeating myself over and again in many different emails (this lasted for a few months). I got the resolution I was after.”
Based on 23 Reddit posts and comments from the last 12 months, checked Oct 20, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used BitMEX? Share your experience below.
No, BitMEX permanently ceased all trading and exchange services on 23 September 2026 at 04:00 UTC. The website operates exclusively as an account closure portal to allow users to withdraw remaining funds.
Who founded BitMEX?
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed under Seychelles-based HDR Global Trading Limited.
Can I still withdraw funds from BitMEX?
Yes, available balances can be withdrawn through the account closure portal. Withdrawals require standard dynamic miner fees, while unclaimed balances remain subject to account maintenance fees.
What regulatory actions were taken against BitMEX?
In October 2020, the US Department of Justice indicted BitMEX founders for Bank Secrecy Act violations. BitMEX entered a guilty plea and paid a $100 million fine in January 2025, receiving a federal corporate pardon in March 2025.
Can new users register on BitMEX?
No, BitMEX stopped accepting all new user registrations in July 2026 following its closure announcement.
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BitMEX Exchange closed on 23 September 2026. As part of the wind-down, we're clearing out our remaining TradingView plan inventory and passing the savings on to our users.
BitMEX users can claim TradingView plans at 30% OFF, first come, first served.
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Please be aware of scams. This is a one-off offer. We will never message you first and wallet/payment details are only shared directly with you after your application is confirmed.
