BitMEX Closes for Good After a Decade of Crypto History
The exchange that put perpetual swaps on the map has gone dark. BitMEX ended all trading operations at 04:00 UTC on Wednesday, September 23, completing a wind-down that parent company HDR Global Trading first announced in July [1]. Trading, deposits, and the ability to open new positions are all gone — but users can still log in and withdraw their remaining balances [1].
"Your funds remain completely safe," BitMEX wrote on X, urging customers to act quickly [1]. The message also warned users not to send any funds to BitMEX wallet addresses, as deposits are no longer credited [1].
What Lingering Users Will Pay
Staying put is not free. Verified users who completed KYC identity checks and leave balances sitting in their accounts will be charged an annual fee of 1% of their balance or $50 equivalent — whichever is greater — billed monthly [1]. BitMEX has signaled that fee will increase over time, creating a clear financial incentive to withdraw sooner rather than later [1].
The company is also rolling out additional security measures in stages, including KYC refresh requirements and cooldown periods on withdrawals [1]. Users have been warned to watch for phishing scams that falsely promise faster access to funds [1].
From Invention to Guilty Plea to Closure
Founded in 2014, BitMEX occupies an unusual place in crypto history. The exchange invented the perpetual swap — a futures contract with no expiry date that offered leverage of up to 100 times — a product it describes as the most traded in the crypto industry [1]. The company also claims it never lost user funds to a hack across its entire operational life [1].
Its later years were considerably rougher. BitMEX pleaded guilty in 2024 to violations of the Bank Secrecy Act and paid $100 million in penalties [1]. Co-founders Arthur Hayes, Ben Delo, and Samuel Reed were subsequently pardoned by President Donald Trump in March 2025 [1].
Since the pardon, at least one founder has moved in a striking new direction: Ben Delo has donated £8 million to Nigel Farage's Reform UK party this year, according to Electoral Commission records [1].
HDR Global Trading cited a strategic review of the business and the broader industry as the reason for the closure when it announced the wind-down in July [1]. New sign-ups were halted immediately at that point, new positions were barred from August 26, and open trades were force-closed on a rolling basis before Wednesday's final shutdown [1].
"Thank you to everyone who traded with us. It's been an honour," the company wrote in its farewell message [1].
Sequans Exits Bitcoin Entirely
BitMEX's closure arrives on a day of broader crypto retrenchment. French semiconductor company Sequans Communications has sold its remaining 314 Bitcoin, completing a full exit from a treasury strategy that once held more than 3,200 BTC [2].
Sequans launched its Bitcoin position in June 2025 following a $384 million equity and debt raise, with CEO Georges Karam describing Bitcoin as a "compelling long-term investment" at the time [2]. The unwind began less than six months later, when the company sold 970 BTC to repay half of its convertible debt [2]. The remaining holdings were liquidated after that debt was fully redeemed in May [2]. Sequans says it now holds no cryptocurrency and will refocus on its cellular internet-of-things and software-defined radio businesses [2].
The company is not alone. VanEck digital assets research head Matthew Sigel identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies by late July [2]. Bitdeer, Genius Group, and Prenetics have all fully exited their Bitcoin positions in 2026, while MARA Holdings and Empery Digital have made substantial sales without fully abandoning their strategies [2].
EU Watchdog Pushes Crypto Lending Into MiCA's Scope
On the regulatory front, the European Banking Authority has called for crypto borrowing and lending to be brought under the EU's Markets in Crypto-Assets framework [2]. In a formal response to the European Commission's targeted consultation on MiCA, the EBA recommended that the Commission conduct a cost-benefit analysis of legislative changes that would add crypto lending intermediation to the list of regulated services [2].
The EBA's recommendations also cover firms that provide clients with access to decentralized finance lending protocols, suggesting that gateway access to DeFi could itself trigger compliance obligations [2]. The input forms part of a broader MiCA review that also touches on stablecoin rules, crypto-asset classification, and reporting requirements [2].
Quantum-Resistant Bitcoin Transactions Get Cheaper
In a more forward-looking development, the estimated cost of preparing a quantum-resistant Bitcoin transaction has dropped sharply. StarkWare reported that the computational cost has fallen below $67 — down roughly 79% from the approximately $320 spent on the first such mainnet transaction in August [2]. The reduction came from participants in the Quantum-Safe Bitcoin Optimization Challenge finding more efficient ways to handle the GPU computation involved [2].
The approach does not require changes to Bitcoin's consensus rules, making it an experimental but accessible option for holders concerned about future quantum threats [2]. StarkWare was candid about the remaining gap between demonstration and real-world utility: "A construction that costs a few hundred dollars per transaction is a demo. One that costs $67 is closer to something a holder with a large unexposed balance might reach for in an emergency," the company wrote in its September 23 update [2]. The latest benchmark now shows the estimated cost at $66 [2].
What to Watch Next
For BitMEX users, the immediate priority is straightforward: withdraw before escalating fees erode balances. The broader story to follow is whether the wave of corporate Bitcoin treasury exits continues into the fourth quarter of 2026, and whether the EBA's MiCA recommendations gain traction with the European Commission in its formal review. On the technical side, further rounds of the quantum-resistance optimization challenge could push transaction costs lower still — the benchmark that matters is when the figure drops to a level practical for ordinary holders, not just those with large exposed positions.
