BitMEX to close, but what about its $270M insurance fund?
BitMEX has announced it will shut down on September 23, following “a strategic review of the business and the broader crypto industry.”
The Arthur Hayes-founded exchange revealed earlier today that it was closing down, but didn’t expand on what exactly caused the closure. Users were encouraged to withdraw their funds and close any positions they may hold.
BitMEX stressed that assets are safe and remain in users’ control, and explained that it’s simply giving a timely warning to “ensure a smooth withdrawal process for everyone.”
At time of writing, the exchange holds over $739 million worth of customer assets, along with an insurance fund with $239 million worth of BTC and $31 million worth of USDT.
The exchange is the 35th most active crypto derivatives exchange and 65th largest crypto exchange overall.
The exchange’s BMEX token was also unstaked for every user, and has collapsed 97% across the last four hours. BMEX was already down 99.87% from its 2022 all-time high.
BitMEX’s shuttering coincides with a crypto bear market that’s seen multiple crypto firms lay off staff. Since January 2026, the company’s trading volume has only crossed $1 million 14 times.
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