What BitMEX is
Founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed (operating company HDR Global Trading, Seychelles), BitMEX was the most influential crypto derivatives exchange of its era: the perpetual swap was born here, the contract with no expiry and leverage up to 100x now adopted across the whole industry. A platform for professional traders, with margin and profits denominated in Bitcoin and no handling of fiat currency. After the US indictments of 2020, the founders' plea agreements and the decline in volumes in favour of competitors, on 23 July 2026 the company announced the definitive closure of the exchange for 23 September 2026, following a strategic review of the business (Verified: September 2026).
Regulation and licences
- MiCA: NO — BitMEX never applied for European CASP authorisation and does not appear in the ESMA register; the question is moot in any case given the closure (Verified: September 2026).
- Closure timetable (Verified: September 2026): new registrations suspended from 23 July 2026; from 26 August 2026 only reduction of existing positions; forced closure of any still-open positions until 23 September 2026, 04:00 UTC, when the exchange ceases operating.
- After the closure: account access remains active to consult balances and history and to withdraw funds. Note: KYC-verified accounts that do not withdraw are subject to a monthly holding fee equal to the greater of $50 and 1% per year of the remaining balance.
- US history: in 2020 the CFTC and DoJ charged the company and its founders with Bank Secrecy Act violations (absence of AML/KYC programmes); the three founders pleaded guilty in 2022, paying 10 million dollars each; the company closed the affair with a further 100 million dollar penalty in January 2025. In March 2025 Hayes, Delo, Reed and former executive Gregory Dwyer received a presidential pardon (Verified: September 2026).
- Access was always prohibited to residents of the US, Québec, Iran, North Korea and other restricted jurisdictions.
Security
- In eleven years of operation there were no breaches of customer funds; the trading engine held up under enormous volumes in the 2016-2020 era.
- BitMEX's problems were regulatory, not custodial: the US affair (2020-2025) ended with plea agreements, penalties paid and subsequent presidential pardons.
Alternatives
For those looking for crypto derivatives today:
- Bybit — derivatives and spot, Austrian MiCA licence (FMA, May 2025) for the EU market.
- Deribit — the reference for BTC and ETH options.
- Kraken — derivatives in the EU via a MiFID licence and spot with a full MiCA licence.
FAQ
Is BitMEX really closing? Yes: the official announcement is dated 23 July 2026 and the closure takes effect on 23 September 2026 at 04:00 UTC. Open positions are closed automatically by that date.
Can I still withdraw my funds after 23 September 2026? Yes, access for withdrawals remains active after the closure. But anyone who does not withdraw pays a monthly holding fee (the greater of $50 and 1% per year of the balance): it is best to withdraw straight away.
Who invented the perpetual swap? BitMEX, in 2016: the perpetual contract with a funding rate and leverage up to 100x is its technical legacy, adopted by all the main derivatives exchanges.
Verified sources
- https://www.bitmex.com/blog/bitmex-closure
- https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-
- https://www.coindesk.com/policy/2025/03/28/president-trump-pardons-arthur-hayes-2-other-bi
- https://thepaypers.com/crypto-web3-and-cbdc/news/bitmex-to-close-crypto-exchange-by-septem
TEAM MEMBERS
LEADERSHIP
QUARTERS GENERAL OF BITMEX
Central, Hong Kong
CONTACTS OF THE BITMEX
All images, branding and wording are copyright BitMEX. All content on this page is used for informational purposes only. Spaziocrypto has no affiliation or relationship with the company mentioned on this page.
