BitMEX to Shut Down Amid Cryptocurrency Market Downturn

Cryptocurrency exchange BitMEX has announced it will shut down its operations on September 23, citing a 'strategic review' of the business. The decision comes as cryptocurrency prices falter, with Bitcoin having surrendered most of its gains from last year.

The closure may have limited market impact, given BitMEX's small market share of less than 0.01%, according to data from Kaiko. Thomas Probst, a research analyst at Kaiko, said 'the cryptocurrency exchange market is highly competitive, and the closure of BitMEX may suggest that major exchanges will continue to gain significant weight at the expense of smaller or newer exchanges.'

BitMEX's founders, Benjamin Delo, Arthur Hayes, and Samuel Reed, were pardoned by U.S. President Donald Trump last year after pleading guilty to failing to implement a compliant anti-money-laundering programme.