[DigitalToday reporter Jinju Hong (홍진주)] Global cryptocurrency exchange BitMEX has officially ended its exchange operations after about 12 years. With BitMEX, which had established itself as a leading derivatives exchange, completing its business wind-down, fund withdrawals and account management for remaining users are the main steps left.

On Sept. 23 local time, blockchain outlet Decrypt reported that BitMEX halted all exchange operations from 0400 UTC. Users can now use only login and withdrawal functions, while trading, deposits and new position openings have all been blocked.

BitMEX told users to withdraw their remaining funds as soon as possible. The company said on X, formerly Twitter, that user funds are being kept safe and announced that users should no longer send funds to BitMEX addresses. It said funds deposited after operations ended may not be reflected properly in accounts.

Users who delay withdrawals will also incur additional costs. If a KYC-completed account leaves a balance, an account fee will be charged at the greater of 1 percent a year of the balance or $50. The fee is billed monthly, and BitMEX said costs could rise over time.

Security procedures will also be strengthened. BitMEX is applying security measures in stages, such as rechecking KYC information during withdrawals or making users wait a certain period before withdrawals. It urged caution against phishing or scams that approach users claiming they will speed up withdrawals.

The exchange shutdown follows a business wind-down plan announced in July. BitMEX operator HDR Global Trading said at the time it decided to close the exchange after reviewing its business and the broader crypto industry. New sign-ups were then suspended, and from Aug. 26 new position openings were also restricted. Existing open interest trades also entered liquidation procedures.

BitMEX is a crypto derivatives exchange founded in 2014. It promoted perpetual swaps, which can be traded without expiry, as its flagship product and led the early growth of the crypto derivatives market. It once posted high trading volume while offering leverage of up to 100 times.

Regulatory issues, however, remained a major burden on the business. BitMEX pleaded guilty in 2024 to charges of violating the U.S. Bank Secrecy Act and paid a $100 million fine. In March 2025, U.S. President Donald Trump pardoned co-founders Arthur Hayes, Ben Delo and Samuel Reed.

BitMEX announced the shutdown and thanked users for their time trading. While its function as an exchange has ended, fund withdrawals, account fees and strengthened security procedures will remain key items for remaining users to manage for the time being.