BitMEX Shuts Down Amid Crypto Market Turmoil

Crypto exchange BitMEX is shutting down operations in September, according to its owner HDR Global Trading. The company did not provide a reason for the closure but stated it followed a 'strategic review of the business and the broader crypto industry'.

BitMEX has called on users to close their open positions and withdraw funds before the shutdown on September 23, which may have limited market impact given its small market share. The exchange's daily trading volumes are around $400,000 with a market share of less than 0.01%, according to Kaiko data.

The closure comes as crypto prices falter, with Bitcoin having surrendered most of its gains from last year after a rally fuelled by Trump's election to a second term fizzled out. Prosecutors had accused BitMEX and its founders of wilfully violating the Bank Secrecy Act between 2015 and 2020.