BitMex Shuts Down as Cryptocurrency Fraud Cases Mount
Cryptocurrency exchange BitMex announced it will cease operations on September 23 after a review by its owner, HDR Global Trading. The company assures customers that their assets are safe and under their control, but advises them to withdraw their funds before the platform closes.
BitMex has faced legal scrutiny in the past, with co-founders Benjamin Delo, Arthur Hayes, and Samuel Reed pleading guilty in 2022 to failing to establish an anti-money laundering program that complied with the U.S. Bank Secrecy Act.
In other news, a Taiwan court sentenced the mastermind behind crypto exchange BitShine to 22 years in prison for running a large-scale fraud and money laundering scheme that defrauded over 1,500 victims of about $39 million.
The network laundered over $71 million between January 2024 and April 2025, with investigators finding that the defendant manipulated the platform's know-your-customer process to make it appear legitimate.