BitMEX to shut down operations in September

Illustration shows representation of cryptocurrencies · Reuters

By Akanksha Khushi and Elizabeth Howcroft Thu, July 23, 2026 at 3:00 AM PDT | 2 min read

July 23 (Reuters) – Cryptocurrency exchange BitMEX, whose founders were pardoned by U.S. President Donald Trump last year, announced on Thursday that it will cease operations in September and urged customers to withdraw their assets.

BitMEX did not provide a reason for the closure but stated in a notice on its website that the decision followed a "strategic review of the business and the broader crypto industry" conducted by its owner, Seychelles-registered HDR Global Trading.

The exchange called on users to close all open positions and withdraw their funds before the shutdown on September 23.

The closure comes amid faltering cryptocurrency prices. Bitcoin has surrendered most of the gains it made last year after a rally fueled by Trump's election to a second term fizzled out.

"The cryptocurrency exchange market is highly competitive, and the closure of BitMEX may suggest that major exchanges will continue to gain significant weight at the expense of smaller or newer exchanges," said Thomas Probst, a research analyst at Kaiko.

However, he added that BitMEX's closure would likely have limited market impact due to its small market share. According to Kaiko data, the exchange has daily trading volumes of approximately $400,000 and a market share of less than 0.01%.

Founders Pardoned by Trump Last Year

BitMEX's co-founders Benjamin Delo, Arthur Hayes, and Samuel Reed pleaded guilty in 2022 to failing to implement a compliant anti-money-laundering program.

Trump pardoned them last year. He had courted crypto donors during his campaign, promising support for crypto firms during his second term.

However, slow progress on U.S. crypto legislation and concerns over potential bitcoin selling by digital asset treasury companies have weighed on investor sentiment.

Prosecutors had accused BitMEX and its founders of willfully violating the Bank Secrecy Act between 2015 and 2020 by failing to adopt anti-money-laundering and so-called "know your customer" programs.

One of the founders, Delo, gave £4 million ($5.34 million) to Britain's populist Reform UK party in the first quarter of 2026, official data showed.

Founded in 2014, BitMEX has more than 2 million traders on its platform, according to its website.

($1 = 0.7493 pounds)

Reporting by Akanksha Khushi in Bengaluru and Elizabeth Howcroft in Paris; Editing by Rashmi Aich, Sonia Cheema, Kirstin Ridley, and Joe Bavier