BitMEX Shuts Down After 11-Year Run Amid Regulatory Woes
BitMEX, the Seychelles-registered exchange that pioneered perpetual swaps in crypto derivatives trading, is shutting down on September 23. The company's board made this decision after a year-long search for a buyer ended without success.
The closure marks the end of an 11-year run for BitMEX, which was founded by Arthur Hayes, Benjamin Delo, and Samuel Reed in 2014. At its peak in 2019, the exchange cleared over $1 trillion in annual volume and dominated roughly 57% of the global derivatives market.
However, the decline that followed was largely due to regulatory issues. In 2022, the founders pleaded guilty to failing to run a compliant anti-money-laundering program, and the company itself pleaded guilty in 2024. A federal judge added a $100 million penalty in January 2025.
New account registrations were halted immediately, and starting August 26, accounts will switch to reduce-only mode, traders will lose the ability to open fresh positions, and the exchange starts force-closing what is left on the book. It warned that anything still open at 04:00 UTC on September 23 will be shut immediately.