- Bitmex, the exchange that introduced perpetual swaps and 100x leverage, will shut down on September 23 after a strategic review by its owner.
- BMEX crashed over 90% following the announcement, reducing its market capitalization to approximately $497,000.
- The closure comes as decentralized perpetual exchanges, led by Hyperliquid, now account for 13.5% of total open interest.
BitMEX, the crypto derivatives exchange co-founded by Arthur Hayes in 2014 that pioneered perpetual swaps and 100x leverage trading, will cease operations on September 23 following a strategic review by owner HDR Global Trading Limited.
The exchange announced the closure, framing it as the end of a chapter rather than a distressed exit. “It may not look the same today, but we are proud of our 11+ year legacy and the role we played in shaping the crypto industry,” the company stated.
New user registrations have been halted, and starting August 26, users can only reduce existing positions. Any open positions remaining at the September 23 deadline will be forcibly liquidated, with KYC-verified users who do not withdraw in time facing account management fees.
BMEX’s price plunged over 90% on the news, dropping its market cap to roughly $497,000. This move occurs as decentralized perpetual exchanges continue gaining market share, with perp DEXs reaching 13.5% of total open interest according to CoinGecko’s Crypto Industry Report.
BitMEX claimed it had not lost a single customer dollar to hacks in 11 years. In 2022, the company and its three co-founders pleaded guilty to Bank Secrecy Act violations, paying $30 million in CFTC penalties.
President Trump pardoned all three founders in March 2025, wiping away their convictions roughly a year before the shutdown. Hayes himself has had a volatile relationship with Hyperliquid (HYPE), calling it part of crypto’s “holy trinity” in May before dumping his entire position a month later.
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