Crypto▼ Bearish
BitMEX to Cease Operations by Sept. 23 After 11-Year Run
BitMEX, once a crypto derivatives giant, will cease operations by Sept. 23 after a strategic review. The exchange now handles less than 0.01% of global volume.
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BitMEX, the Seychelles-based derivatives exchange that pioneered perpetual futures, will shut down by Sept. 23 after an 11-year run.
The platform said it will cease operations following a strategic review by parent HDR Global Trading. Users must close positions and withdraw assets before trading ends, the company said. Reuters first reported the closure.
Founded in 2014, BitMEX created the perpetual futures contract that became a staple of crypto trading. It was once the dominant venue for leveraged Bitcoin (BTC) bets before losing share to larger rivals amid regulatory fines and stronger competition. CoinDesk reported the exchange has stopped accepting new customers and will phase out trading over the coming weeks.
The exchange said users can only reduce positions from Aug. 26. All remaining positions will be closed before the platform goes offline on Sept. 23, according to its published wind-down timeline.