BitMEX Shuts Down Amid Crypto Market Turmoil
Crypto exchange BitMEX is shutting down its operations on September 23, after a strategic review by its owner HDR Global Trading. The decision was made following a 'strategic review of the business and the broader crypto industry', according to a statement on BitMEX's website.
The exchange has called on users to close their open positions and withdraw their funds before the closure date. This comes as cryptocurrency prices are faltering, with Bitcoin having surrendered most of its gains from last year after a rally fueled by Trump's election to a second term fizzled out.
BitMEX's co-founders Benjamin Delo, Arthur Hayes, and Samuel Reed pleaded guilty in 2022 to failing to implement an anti-money-laundering program. They were later pardoned by U.S. President Donald Trump last year, after they had given £4 million ($5.34 million) to Britain's Reform UK party.
Research analyst Thomas Probst said the closure of BitMEX may suggest that major exchanges will continue to gain significant weight at the expense of smaller or newer exchanges. However, he added that the exchange's market share is small, with daily trading volumes of around $400,000 and a market share of less than 0.01%.