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, decided after a strategic review of the business: trading activities ceased on 23 September 2026 (Verified: October 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: October 2026): new registrations suspended from 23 July 2026; from 26 August 2026 only reduction of existing positions; on 23 September 2026 at 04:00 UTC the exchange ceased operating and any positions still open were closed automatically.
- After the closure: account access remains active to consult balances and history and to withdraw funds, subject to minimum withdrawal thresholds; when withdrawing, users may be asked to complete identity verification (KYC). For KYC-verified accounts that had not withdrawn by the closure, the announcement of 23 July 2026 provides for an account fee of 1% per year, charged monthly, or the equivalent of 50 dollars for accounts with a balance not exceeding that amount; BitMEX reserves the right to increase it with notice. (Verified: October 2026)
- 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.
Headquarters and contacts
- HDR Global Trading Limited, a company incorporated in the Republic of Seychelles, operated the exchange (footer of the closure notice published by BitMEX, October 2026).
- No link to the website: the exchange is closed. For support and to report scam attempts, BitMEX gives the address support@bitmex.com (October 2026).
Alternatives
For anyone looking for a similar service that is operating and authorised in the EU:
- Bybit — derivatives and spot, Austrian MiCA licence (FMA, May 2025) for the EU market.
- Kraken — derivatives in the EU via a MiFID licence and spot with a full MiCA licence.
FAQ
Is BitMEX still active? No. Announced on 23 July 2026, the closure took effect on 23 September 2026 at 04:00 UTC: trading, deposits and new positions are no longer available, and any positions still open were closed automatically.
Can I still withdraw my funds from BitMEX? Yes: as of October 2026 access and withdrawals remain active, subject to minimum withdrawal thresholds. BitMEX charges a fee on balances left in accounts (according to the announcement of 23 July 2026, 1% per year charged monthly, or the equivalent of 50 dollars for balances up to that amount) and may increase it with notice; the company urges users to withdraw as soon as possible. Beware of scams: BitMEX never asks for private keys, seed phrases or payments to unlock funds.
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/wind-down/
- https://www.coindesk.com/business/2026/09/23/bitmex-shuts-down-trading-after-11-years-leav
- 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
