BitMEX Shuts Down After 11-Year Run Amid Regulatory Controversies

BitMEX is shutting down for good on September 23, marking the end of an 11-year run. The Seychelles-based firm behind BitMEX announced in July that it had decided to close its doors after a strategic review of its business and the wider market.

The exchange was known for inventing the perpetual swap, a contract with no expiry date that let traders hold positions on borrowed money indefinitely. At one point, BitMEX controlled an estimated 57% of the global crypto derivatives market and processed over $1 trillion in volume annually.

However, after a series of controversies, including charges from the US Department of Justice and Commodity Futures Trading Commission, trust evaporated. Traders moved to other exchanges that could serve US customers or offered more stable margin options.

Binance, OKX, and Bybit now control over 60% of global crypto derivatives volume between them, while Hyperliquid has grabbed a significant share of on-chain perpetual futures volume.