BitMEX, the Seychelles-based crypto exchange founded by Arthur Hayes, will shut down on Sept. 23 at 04:00 UTC. Users have two months to close positions and withdraw funds, but trading will turn reduce-only starting Aug. 26. The exchange may force-close open contracts before the shutdown, with no mechanism to transfer positions to other platforms. Verified accounts retaining assets after closure will face a monthly fee of the greater of $50 or 1% per year on the remaining balance. At the time of the announcement, BitMEX showed $120.84 million in 24-hour volume and $705.33 million in open interest, far below competitors like Binance Futures.
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