BitMEX to shut down after 11 years, halts new registrations

The shutdown signals further consolidation among crypto derivatives providers. No specific reason beyond the announcement was provided in the initial notice. BitMEX launched in 2014 and became a dominant force in crypto derivatives, at one point handling more than $1 billion in daily trading volume before facing regulatory pressure and the rise of competitors like Binance and Bybit.

Users must withdraw funds before the Sept. 23 deadline. The company said it will provide further instructions on the withdrawal process in the coming weeks. BitMEX settled charges with U.S. regulators in 2021 over failing to maintain anti-money laundering controls, paying a $100 million fine to the CFTC and FinCEN. The exchange later implemented compliance measures including mandatory identity verification.

BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed each faced legal action from U.S. authorities. Hayes and Delo pleaded guilty to violating the Bank Secrecy Act in 2022. The closure marks the end of a chapter for an exchange that defined the early crypto derivatives market.