BitMEX Exchanges to Close Amid Weak Crypto Markets

Crypto exchange BitMEX announced it will shut down its operations effective September 23. The decision was made by HDR Global Trading, the owner and operator of BitMEX, as part of a strategic review of the business.

Users were told their assets remain safe and under their control. The company advised customers to close any open positions and withdraw their funds before the exchange ceased operations on September 23.

The closure marks a major development for the cryptocurrency industry, which has faced increased scrutiny over compliance and regulation. BitMEX co-founders Benjamin Delo, Arthur Hayes, and Samuel Reed pleaded guilty in 2022 to failing to implement an anti-money laundering program that complied with the Bank Secrecy Act.

The exchange's planned closure comes as cryptocurrency markets continue to face pressure from weak prices, elevated volatility, and persistent outflows from exchange-traded funds that track digital assets. Bitcoin has surrendered most of its gains since last year, trading at $65,676, down nearly 50% from its all-time high of $126,223.18.