Veteran Crypto Exchange BitMEX to Shut Down in September

One of the pioneers of cryptocurrency derivatives trading, BitMEX, will permanently shut down on September 23 at 04:00 UTC, after more than 11 years of operation. The decision, announced by its parent company HDR Global Trading Limited, follows a strategic and detailed review of the business and the broader crypto industry.

The exchange, founded in 2014, played a pivotal role in shaping the modern crypto derivatives market by introducing the 100x leveraged perpetual swap — a product that later became the industry standard and was adopted by virtually every major competitor. At its peak, BitMEX ranked among the world’s largest crypto exchanges, attracting professional traders with deep liquidity and advanced tools. Notably, the platform maintained a strong security record, with no customer funds ever lost to a hack during its near-decade-long existence.

However, the company faced significant regulatory challenges. In 2020, U.S. authorities charged its founders with violating anti-money laundering laws by operating without adequate Know-Your-Customer procedures. BitMEX later settled with regulators, and former CEO Arthur Hayes and other executives pleaded guilty to Bank Secrecy Act violations. Although the exchange remained operational after resolving those cases, it lost substantial market share to emerging competitors.

Effective immediately, BitMEX has halted new account registrations. Trading will remain active but with gradual restrictions. From August 26, users will no longer be able to open new positions and can only reduce existing ones. After the shutdown date, customers will retain account access solely to view balances, transaction history, and withdraw remaining assets. The exchange urges all users to close positions and withdraw funds before the deadline.

Source: https://cryptopotato.com/veteran-crypto-exchange-bitmex-to-shut-down-in-september/