BitMEX to Shut Down on September 23 After 11-Year Run
BitMEX, a cryptocurrency derivatives exchange that pioneered the perpetual swap, announced on July 23 it will shut down operations by September 23, 2026. The decision comes after an 11-year run in the market.
The BMEX token plummeted by about 90% following the news, with its price dropping from near $0.06 to $0.002 at one point before recovering slightly to around $0.0063.
The exchange's decline began as traders shifted towards newer venues offering deeper liquidity and longer coin lists. A sale of BitMEX was on the table since February 2025, with Broadhaven Capital Partners leading the search, but no deal emerged.
BitMEX carries a US legal record after pleading guilty to violating the Bank Secrecy Act in 2024, with a $100 million penalty following in January 2025. The exchange's founders were later pardoned by President Donald Trump in March 2025.