BitMex to Shut Down on September 23 Amid Crypto Market Woes

Crypto derivatives trading platform BitMex has announced it will cease operations on September 23. The company cited a strategic evaluation of its business and the broader crypto market as the reason for the closure.

Users have been advised to close their accounts by the given deadline, as any remaining balances will incur a monthly management fee of $50 or 1% of the balance per year, whichever is higher.

New account creation has already stopped, and from August 26 onwards, risk limits will be introduced, allowing only existing positions to be reduced.

BitMex was founded in 2014 and had over 2 million registered users. However, it struggled with a declining market share in recent years.