This notice is issued by the Financial Services Authority of Seychelles (the “FSA” or the “Authority”), pursuant to section 28 of the Financial Services Authority Act, 2013, to advise the public, existing clients, and other stakeholders of the closure and winding up of the virtual asset business conducted by HDR Global Trading Limited (IBC No. 148707) trading as BitMEX Exchange (the “Company”), which has been operating as a transitional entity pursuant to section 42 of the Virtual Asset Service Providers Act, 2024 (the “VASP Act”).
1. The Company submitted an application to the FSA for a licence under the VASP Act on 18th December 2024 and, in accordance with the transitional provisions of the Act, was permitted to continue conducting virtual asset exchange services pending determination of that application.
2. The FSA wishes to advise that the Company has voluntarily elected to cease operations and withdraw its licence application. Accordingly, the Company's authorisation to conduct virtual asset service provider business in or from Seychelles consequently ceases with effect from the 23rd July 2026. Thereafter, its activities shall be limited for the purposes of an orderly winding up of the company comprising of such measures as would be required to return user assets and close off any open positions.
3. With effect from the date of this notice, the Company is not authorised to onboard new clients, and will only permit existing users to implement new deposits or enter into any new virtual asset transactions as part of the orderly winding down of exchange services.
4. The Company has submitted a winding down plan, approved by the Authority, to ensure the orderly cessation of its operations, including the return of client assets and funds. The Company is required to complete the process of ceasing exchange operations by no later than the intended closure date of the 23rd September 2026, and to continue engaging with users to ensure the return of all client-held virtual assets.
5. Clients are advised to close all open positions and withdraw their funds as soon as reasonably practicable. Users may contact the Company directly at support@bitmex.com to arrange for the withdrawal or return of any virtual assets or funds held on their behalf. Clients who are unable to obtain a satisfactory response from the Company are encouraged to notify the FSA using the contact details provided below.
6. Following 23 September 2026, any continued provision of exchange services in or from Seychelles thereafter will constitute unlicensed activity in contravention of the VASP Act, noting the Company's ongoing obligations to secure and expedite the return of all client-held virtual assets. Notwithstanding that, please be assured that a support mechanism will remain accessible to users throughout the Company's winding-down period to ensure users have access to the necessary assistance and guidance throughout the company’s winding down period.
Members of the public seeking further information on the winding down of the exchange may contact the company directly at support@bitmex.com. Alternatively, enquiries may be directed to the FSA at vass@fsaseychelles.sc.
All complaints may be directed to the provided link: https://fsaseychelles.sc/complaint-handling